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June 8, 2022
Question

estimated quarterly payments

  • June 8, 2022
  • 1 reply
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My spouse is a consultant whose hours were reduced beginning in April to about 20% of the level received in Q1. Our estimated quarterly payments were calculated based on his prior income (which we received throughout 2021 as well as  in Q1 of 2022), but now it seems like too big a payment since the consulting hours (and attendant payment) got slashed. How should I figure out how much to pay on 6/15?

    1 reply

    June 8, 2022

    You can use TurboTax’s free TaxCaster app to estimate your balance due and divide the tax liability by the three remaining payments.