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Question: How do I know if I have to file quarterly individual estimated tax payments?
You must make estimated tax payments for the current tax year if both of the following apply:
- You expect to owe at least $1,000 in tax for the current tax year after subtracting your withholding and refundable credits.
- You expect your withholding and refundable credits to be less than the smaller of:
- 90% of the tax to be shown on your current year’s tax return, or
- 100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)
There are special rules for:
- Farmers and fishermen
- Certain household employers
- Certain higher income taxpayers
- Nonresident aliens
- Publication 505, Tax Withholding and Estimated Tax
- Form 1040-ES (NR) (.pdf), U.S. Estimated Tax for Nonresident Alien Individuals
- Form 1040-ES (.pdf), Estimated Tax for Individuals
Category: Estimated Tax