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Tax Trails - Do You Have to Pay Estimated Tax?

Do you expect your income tax withholding and refundable credits* for the current year to be at least 100%** of the tax shown on your prior year's tax return?

Note: Your prior year's return must have covered a 12-month period.

*Use the refundable credits shown on the 2014 Estimated Tax Worksheet, line 13b of Form 1040-ES (.pdf), Estimated Tax for Individuals.

**Use 110% if less than two-thirds of your gross income for the current and prior years is from farming or fishing and your prior year's adjusted gross income was more than $150,000 ($75,000 if your filing status for the current year will be married filing a separate return).

Yes      No

 

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Page Last Reviewed or Updated: 01-Jan-2014