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What does it mean, “tax payment installements”? Is it payments made to pay off taxes due from previous years.
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August 21, 2020
5:17 AM
last updated
August 21, 2020
5:17 AM
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What does it mean, “tax payment installements”? Is it payments made to pay off taxes due from previous years.
Hi, thank you for using TurboTax Community
Tax installments usually refer to payments to prepay tax for the following year and does not refer to payment of tax owing for the current or previous years. So for example if there was a balance owing for 2019 that must be paid by the due date; there may also be a requirement to pay a head (installments) for 2020 tax.
More information can be found at the link below
Hope this helps
August 21, 2020
8:43 AM