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Frequently Asked Questions on Estimated Tax Payments
Q. Are quarterly estimated tax payments necessary?
A. You are required to make quarterly estimated tax payments for any earnings where taxes are not withheld by an employer or other payor, and are required to be paid.
Q. Who should make estimated tax payments?
A. Individuals who collect earnings from these common sources such as self-employment, freelance work, interest income, dividends, passive income, sale or disposal of assets and any other form of un-taxed income.
Q. When are quarterly estimated tax payments due for individuals?
A. There are four (4) quarters in the tax year for individuals to make quarterly tax payments. Due dates run as follows: April 15; June 15; Sept 15 and Jan of the following year. See the full schedule here: When To Pay Estimated Taxes
Q. What is the threshold for making estimated tax payments?
A. Self-employed individuals, members of Partnerships and S corporation and others who expects to owe at least $1,000 in taxes for the current year, are required to make quarterly payments. (This is after factoring withholdings and refundable credits.)
Q. What are the best ways to make quarterly estimated payments?
A. Estimated tax payments can be made online through your IRS Account; by mail using Form 1040-ES or by using the IRS2Go app.
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