I need to estimate my tax liability to avoid the dreaded penalty. However, when I went to enter my estimated capital gains data I get the message that this part of the program is not yet ready.
When will it be ready? I need it in time for me to make an estimated payment to the IRS.
Thank you.
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Supposedly January 4th.
1) you have until 1/15 to make the 4th quarter estimate
2) you could always just use the safe harbor method instead ... that way you know the amount in April that you need to make for the rest of the year ...
There will be no federal penalties for not paying in enough taxes during the year if withholding
1) and timely estimated tax payments equal or exceed 90% of your 2023 tax or
2) and timely estimated tax payments equal or exceed 100% of your 2022 tax (110% if your 2022 adjusted gross income was more than $150K) or
3) the balance due after subtracting taxes withheld from 90% of your 2023 tax is less than $1,000 or
4) your total taxes are less than $1,000
the lower of 1 or 2 is your required annual income tax payment. 1 is difficult to know until the year-end so generally option 2 is the safer option. Under the simplified method 25% of the estimated taxes must be paid in each period by 4/18, 6/15, 9/15 and 1/15/24. Unless you can show otherwise 25% of your annual withholding is assumed to occur in each period.
It took awhile but I finally got a response from Outlook's postmaster saying my response to your email was undeliverable.
I thought I had successfully responded by replying to the email. I know I've been able to do this with other communities. Anyway, yes, I got your reply and thank you. I was not aware of the 1/15 deadline. I thought it was 12/31. Will the only way I know when that code will be available will be to open Turbo tax after Jan 4 (maybe even the 5th) and try to enter something and hope I don't see the message that the code is still not ready?
Thank you.
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