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Generally, the Internal Revenue Service (IRS) requires you to make quarterly estimated tax payments for calendar year 2023 if both of the following apply:
To calculate your federal quarterly estimated tax payments, you must estimate your adjusted gross income, taxable income, taxes, deductions, and credits for the calendar year 2023. Form 1040-ES includes an Estimated Tax Worksheet to help you calculate your federal estimated tax payments.
1. What are the filing dates for federal quarterly estimated tax payments?
|Payment Period||Due Date|
|January 1 - March 31, 2023||April 18, 2023|
|April 1 - May 31, 2023||June 15, 2023|
|June 1 - August 31, 2023||September 15, 2023|
|September 1 - December 31, 2023||January 16, 2024*|
*You do not have to make the payment due on January 16, 2024, if you file your 2023 tax return by January 31, 2024 and pay the entire balance due with your return.
2. How do I make federal quarterly estimated payments?
The IRS provides various methods for making 2023 quarterly estimated tax payments:
3. What if I do not pay enough federal income tax in a timely manner for the calendar year 2023?
Generally, if you do not pay enough tax in a timely manner either through withholding or making estimated tax payments, you may be required to pay a penalty.
Please refer to IRS Publication 505, Tax Withholding and Estimated Tax, for a detailed discussion of the underpayment penalty, including exceptions to this penalty.
4. How do I obtain additional information regarding federal quarterly estimated tax payments?
Please refer to IRS Form 1040-ES Instructions and IRS Publication 505, Tax Withholding and Estimated Tax, for additional information regarding federal quarterly estimated tax payments or consult your personal tax advisor.