Individuals

Question: How do I know if I have to file quarterly individual estimated tax

payments?
Answer:
You must make estimated tax payments for the current tax year if both of the following apply:

You expect to owe at least $1,000 in tax for the current tax year after subtracting your
withholding and refundable credits.
You expect your withholding and refundable credits to be less than the smaller of:
o

90% of the tax to be shown on your current years tax return, or

100% of the tax shown on your prior years tax return. (Your prior year tax return
must cover all 12 months.)

There are special rules for:

Farmers and fishermen

Certain household employers

Certain higher income taxpayers

Nonresident aliens