Question

Can I make a January estimated tax payment to cover the last six months of the year?

Forum|Forum|3 years ago
January 10, 2023
1 reply
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I have had my own business for years but also had a part-time W-2 job. I had enough taxes taken out of the p-t job to cover taxes for the year. I left that job in June and didn't pay any taxes in October. Can I make a payment in January that will cover the last six months of my business income? How do I go about figuring out the amount?

TurboTax Online

fanfare

Employee

see the instructions for form 1099-ES at the IRS website

https://www.irs.gov/pub/irs-prior/f1040es--2022.pdf

S

smoothieAuthor

Thank you--so it seems I can just make a payment that brings my total to what I paid in 2021 and then start doing regular quarterly payments in 2023?

Critter-3

Ok ... the IRS will take money from you for any reason at any time HOWEVER paying up all at once at the end of the year may or may not save you from an underpayment penalty which the IRS will compute for you automatically. When you enter the estimate in the program you will simply enter how much you pay and when.