How do I know if I have to make quarterly individual estimated tax payments?

Answer:

Generally, 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

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Should self-employment taxes be paid quarterly or yearly?

Answer:

Generally, if you determine you need to make estimated tax payments for estimated income tax and estimated self-employment tax, you can make quarterly estimated tax payments or pay all of the amount due on the first quarterly payment due date.

Special rules apply to farmers and fishermen. Farmers and fishermen make one required payment or pay in full with their tax return when filed by a certain date.

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When are quarterly estimated tax payments due?

Answer:

For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you don't pay enough tax by the due date of each payment period, you may be charged a penalty even if you're due a refund when you file your income tax return at the end of the year.

You may send estimated tax payments with Form 1040-ES by mail, pay online, by phone or from your mobile device using the IRS2Go app. Visit Payments to view all payment options.

When to Pay Estimated Tax
Payment Period Due Date
January 1 – March 31 April 15
April 1 – May 31 June 15
June 1 – August 31 September 15
September 1 – December 31 January 15* of the following year. *See January payment in Chapter 2 of Publication 505, Tax Withholding and Estimated Tax
Fiscal Year Taxpayers If your tax year doesn't begin on January 1, see the special rules for fiscal year taxpayers in Chapter 2 of Publication 505
Farmers and Fishermen See Chapter 2 of Publication 505

Note: If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be on time if you make it on the next day that's not a Saturday, Sunday, or legal holiday.

 

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When I file my personal tax return, how do I report the estimated payments I made during the year?

Answer:

Report all your estimated tax payments on Form 1040, line 26. Also include any overpayment that you elected to credit from your prior year tax return.
 

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