Do I need to pay Estimated Taxes for 2024 if my W4 is updated?

Forum|Forum|2 years ago
April 8, 2024
3 replies
0 views

For example, I received vouchers to pay the estimated taxes, but I am updating the W4 to have additional $$ deducted. Is it necessary to still submit the estimated taxes?

TurboTax Deluxe Online

Best answer by VolvoGirl

No the estimates are optional. The IRS won't be expecting them. You can increase your W4 withholding.

ee-ea

Employee

increasing withholding will eliminate the need for estimates.

VolvoGirlAnswer

Employee

No the estimates are optional. The IRS won't be expecting them. You can increase your W4 withholding.

taxfun3

If you increased your withholdings Enough...you won't need to make the payments. The payments avoid an underpayment penalty when filing your tax return for 2024. The IRS doesn't ask you during the year where the estimates are... You can check your withholding on your paycheck and calculate what they will total for the year and compare to see if you are close to making up the shortfall