If the amount of income tax deducted from your salary or pension is insufficient, or if you receive income such as interest, dividends, alimony, self-employment income, capital gains, prizes, or awards, you may be required to make anticipated tax payments.
Ensure to keep an accurate record of the payments you make for your estimated taxes, including the date of payment. This will help you when filing your tax return. Luckily, you can claim a credit for your estimated taxes.
You can also report any penalties you received as a result of underpayment of your estimated taxes.
For more detailed information, click here.
*If you have questions about state estimated tax payments, please contact your state’s Department of Revenue directly.
