quarteryl SE

Hi @3rch ,

Thanks for reaching out to us,

Individuals which include sole proprietors, partners and S corporation shareholders, are required to make estimated tax payments for income amount  of $1000 or more when the return is filed. Please see below the link for more detail regarding estimated tax payments.

https://www.irs.gov/faqs/estimated-tax/individuals/individuals-2

The IRS considers your tax owed when determining if you need to file estimated taxes. If your tax liability is $1000 or more you need to be filing quarterly estimated tax payments. Here is the 2023 updates: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023 . It depends on your filing status and number of dependents how much your total tax would be. We have an awesome tool called Tax Caster that you can use to help calculate your taxes to see if you would need to pay estimated taxes. https://turbotax.intuit.com/tax-tools/calculators/taxcaster/