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2 replies

LenaH
April 6, 2022

It depends on your self-employment earnings. If you receive significant non-wage income, such as from self-employment, you will likely need to pay quarterly estimated taxes or run the risk of underpayment penalties in addition to a large year-end tax bill.

 

You can calculate your 2022 estimated taxes and generate the payment vouchers by doing this:

  1. With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link.
  2. Answer No to the question Do you want to change your W-4 withholdings for 2022?
  3. Answer the questions about things like your estimated 2022 filing status, income, and deductions.
  4. Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2022 1040-ES payment vouchers when you print a copy of your return later.

The deadlines for tax year 2022 quarterly payments are:

  1. April 18, 2022
  2. June 15, 2022
  3. September 15, 2022
  4. January 15, 2023

When you do start paying estimates, please mail your payment along with the corresponding 1040-ES voucher to the IRS address listed on the voucher. Quarterly payment due dates are printed on each voucher.

 

Here are additional estimated tax payment options available at the IRS Payment website:

  • IRS Direct Pay from your checking or savings account
  • Debit or credit card
  • Pay online or by phone using the Electronic Federal Tax Payment System (EFTPS)
  • Same-day wire transfer from your bank
  • Cash payment at a retail partner

 

 

 

 

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April 6, 2022

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