Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
J
JoeB 12
August 28, 2024
Question

Quarterly estimated tax payment

  • August 28, 2024
  • 1 reply
  • 0 views

I am making less this year than last year — can I make 3 of the 4 payments without penalty? And, if I’ve overpaid will the IRS reimburse me?

 

    1 reply

    Cindy4 12
    Cindy4 12
    August 28, 2024

    Yes, you will get credit with the IRS if you overpay.  You can chose to have it refunded or apply to the next year.

    As long as your estimated payments for the year equal at least 90 percent of the total tax that you will owe for this tax year, or at least 100 percent of the total tax on your previous year's return. 

     

    Here is a great resource  for future reference.

     

    Hope this helps!

    Cindy 

    **Please say "Thanks" by clicking the thumbs up icon in a post***Mark the post that answers your question by clicking on the "Mark as Best Answer"
      TurboTax Sign In Widget
      TurboTax flag icon

      Unlock tailored help options in your account

      Create an account
      TurboTax Expert Assist
      TurboTax Expert

      Get answers to all your tax questions

      Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

      Terms & ConditionsCookie settingsAccessibility statement
      Intuit
      TurboTax Credit Karma QuickBooks MailChimp

      ©1997-2022 Intuit, Inc. All rights reserved.
      Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
      of Intuit Inc. Terms and conditions, features, support, pricing, and service options
      subject to change without notice.

      Security Certification of the TurboTax Online application has been performed by
      C-Level Security.

      By accessing and using this page you agree to the Terms of Use.

      Accessibility

      TRUSTe nResult Certified e-File C-Level Security Certification