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T
Tiffany9112
February 28, 2024
Question

Estimated taxes

  • February 28, 2024
  • 1 reply
  • 0 views

I have a SMLCC and paid estimated taxes in 2023 but will be getting a refund back. Is it required for me to pay estimated taxes for 2024?

1 reply

R
RobertB4444
February 28, 2024

Your refund is not how you create your estimates.  Your estimates are based on the amount of taxes that you owed in the prior year.  Since you are getting a refund for 2023 I would expect that you do need to make estimates but they should be smaller than last year's.

 

@Tiffany9112 

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    T
    Tiffany9112Author
    February 28, 2024

    Are you suggesting I make estimated payments just in case, but for a smaller amount than in 2023?

    R
    RobertB4444
    February 28, 2024

    Yes.  TurboTax should calculate the estimated payments for you.  Did you receive a refund of 100% of the estimates that you made?

     

    @Tiffany9112 

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