Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
Thank you for your question, and thanks for using JustAnswer.com. You don't need to do estimated tax payments
so long as you pay at least what you owed last year in taxes. If your AGI is over $150,000 then you would need to pay in 110% of what you owed last year.
For example, say you have $5,000 withheld at your job. Last year you owed $4,500 and had a $500 refund. This year you had a $7,000 tax bill. However, you had $5,000 withheld. You withheld 100% of your last year's tax liability
so you won't have an underpayment penalty
So, no - you don't have to do estimated payments for the fourth quarter. If you have the money now, and are afraid you will spend it if you don't send it in to the IRS
then of course fill out a 1040-ES and pay the estimated payment. Otherwise, so long as you have at least your prior years liability
withheld, you don't need to make the payment.
You can CLICK HERE
to read more.
Please let me know if you need anything additional. Thanks again for using JustAnswer.com and have a happy, and safe, New Years.
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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.