racy
Full time employment: Posting here.
- Joined
- May 25, 2007
- Messages
- 883
I'm looking at this IRS page: https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes And, quoting:
"Who Must Pay Estimated Tax
Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed."
"Who Does Not Have To Pay Estimated Tax
You don’t have to pay estimated tax for the current year if you meet all three of the following conditions.
*You had no tax liability for the prior year
*You were a U.S. citizen or resident for the whole year
*Your prior tax year covered a 12-month period"
My question-- I expect to owe tax of $1000 or more on taxable account dividends and interest. However, I do meet all 3 of the above conditions for not having to pay estimated taxes.
So, which is it? Do I need to make quarterly payments or not?
"Who Must Pay Estimated Tax
Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed."
"Who Does Not Have To Pay Estimated Tax
You don’t have to pay estimated tax for the current year if you meet all three of the following conditions.
*You had no tax liability for the prior year
*You were a U.S. citizen or resident for the whole year
*Your prior tax year covered a 12-month period"
My question-- I expect to owe tax of $1000 or more on taxable account dividends and interest. However, I do meet all 3 of the above conditions for not having to pay estimated taxes.
So, which is it? Do I need to make quarterly payments or not?