Estimated Taxes for 2024

Forum|Forum|2 years ago
March 27, 2024
2 replies
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Do I need to file my 2024 estimated taxes first quarterly installment on Apr. 15, 2024 along with my 2023 taxes or is my first estimated 2024 payment due on June 17?

Thank you!!

Best answer by VolvoGirl

Thank you! If I pay 90% by Jan. 15, 2025 when is the other 10% due?

I don't think you fully understand. You still need to pay the current tax due for 2023 by April 15, 2024 next month.

Then for the 2024 return that you file next year in 2025 you need to pay in at least 90% of your 2023 tax liability on 1040 line 24 by withholding or estimates. The four 1040ES quarterly estimates are due
April 15, 2024
June 17, 2024
Sept 16, 2024
Jan 15, 2025

So in April you need to pay the 2023 tax due and the 1st quarter 2024 estimated payment.

There is no other "10%". The 90% is just to avoid any penalty on next year's return. Then when you file 2024 return in 2025 you will either have a tax due or a refund. The 2024 return and tax due are due on April 15, 2025.

If your income goes down in 2024 you may get a refund for some of the estimates you paid in. Will you be getting any retirement income or Social Security?

Hope this helps. Hope I didn't confuse you more.

DianeW777

The first estimated tax payment is due April 15, 2024, and the second installment is June 17, 2024. You can send the first installment a little late, although I would not recommend waiting until June. The IRS system is pay as you go, so you could have interest and penalty for late payment next year if you decide to pay them late. A few days or a week would not add an extreme amount.

Estimated Tax Due Dates

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freddytaxAuthor

Thank you, Diane!!

Mike9241

you may be able to avoid having to pay estimates by increasing your withholding for 2024, if possible.

to avoid penalties for not prepaying enough taxes on a timely basis. here are the basic rules.

if you elect not to pay estimates then to avoid penalties your 2024 withholding must equal the lesser of these 2 amounts.

1) 90% of your 2024 federal tax

2) 100% of your 2023 federal tax ( it's 110% if your 2023 Adjusted Gross Income is $150,000 or more)

freddytaxAuthor

Thank you, Mike! I'll provide some important context. I retired last year so I no longer have a W2 with withholding but rather income derived from interest, dividends and capital gains (nothing withheld). Any advice is greatly appreciated!