The following is the general rule: You must pay estimated tax for 2021 if both of the following apply.You expect to owe at least $1,000 in tax for 2022 after subtracting your withholding and tax credits.You expect your withholding and tax credits to be less than the smaller of: 90% of the tax to be shown on your 2022 tax return, or100% of the tax shown on your 2021 tax return. Your 2021 tax return must cover all 12 months. Note: If your AGI for 2021 was more than $150,000 ($75,000 if your filing status for 2021 is married filing a separate return), substitute 110% for 100% in (2b)

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ron-rutherford

Question

I sold rental property in March 2022 and will pay capital gains. Is there a requirement to pay estimated taxes in 2022 or settle up with 2022 taxes after January 2023?

Forum|Forum|3 years ago
June 18, 2022
1 reply
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TurboTax Premier Online

Critter-3

The following is the general rule:

You must pay estimated tax for 2021 if both of the following apply.

You expect to owe at least $1,000 in tax for 2022 after subtracting your withholding and tax credits.
You expect your withholding and tax credits to be less than the smaller of:
1. 90% of the tax to be shown on your 2022 tax return, or
2. 100% of the tax shown on your 2021 tax return. Your 2021 tax return must cover all 12 months.

Note: If your AGI for 2021 was more than $150,000 ($75,000 if your filing status for 2021 is married filing a separate return), substitute 110% for 100% in (2b)