The third-quarter estimated tax deadline for 2024 is Monday, Sept. 16, and skipping a payment could trigger a penalty, according to the IRS.
Typically, you need estimated payments for any income without tax withholdings, such as earnings from self-employment, contract or gig economy work and investment or retirement income.
Some filers also need estimated payments if they haven't withheld enough taxes from a full-time or part-time job.
Estimated payments can help avoid "refund disappointment or balance due shock," said Mark Steber, chief tax information officer at Jackson Hewitt.
You can find adjusted gross income on line 11 of Form 1040 from your 2023 tax return.
Persons:
Mark Steber, Jackson Hewitt, —
Organizations:
Finance, Security
Locations:
Washington