I put a sell date when I sell a stock so I need to make a quarterly tax payment for that sale. However, I don't report my interest income for each quarter so IRS does not know how much the tax should be. IRS only knows my annual interest income. Does that mean that I don't have to pay quarterly tax payments for interest income?
Depends how much interest you get. The quarterly tax payments are just estimates that apply to your whole tax return. If you think you will end up owing on your tax return you should send in some Estimated payments. The IRS doesn't know your stock sales either. Only when they get the 1099B at the end of the year.
You must make quarterly estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- 2. You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).
The four 1040ES quarterly estimates are due
April 15, 2024
June 17, 2024
Sept 16, 2024
Jan 15, 2025
Your state will also have their own estimate forms.
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