You can avoid a penalty if you pay the lesser of 90% of taxes for 2022 or 100% of 2021 levies if your adjusted gross income is less than $150,000.
‘It's Belt-Tightening Time' — How to Save as Food Inflation Jumps More Than 11% in a Year
Other scenarios requiring estimated tax payments may be selling investments, earning a bonus or making retirement account withdrawals without withholdings, Loyd said.You can avoid federal penalties by paying, over the course of the year, the lesser of 90% of your 2022 taxes or 100% of your 2021 bill if your adjusted gross income is $150,000 or less.
Of course, you'll still need to set aside enough money to cover total levies for the year when you file taxes in April, he said.While estimated payments may help avoid penalties, some filers may purposely skip them, despite the late fee, experts say.
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