Solved
Why am I being penalized $165 for underpayment of estimated taxes. I made $18,175 in Miscellaneous Income. Should I have estimated taxes and paid earlier in the year?
No text available
Unfortunately, yes, that's what the IRS expects you to do. It's considered a "pay-as-you-go" tax system. It's the same reason why people with paychecks get taxes withheld as the money comes in.
So, if you have income without withholdings, you are expected to send in quarterly tax payments. TurboTax should supply you with 1040-ES payment vouchers based on you "underpaying" last year.
The payment due dates are 4/15, 6/15, 9/15, and 1/15.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
