Estimate Calculations
Answer:
Individuals can base their payments on:
90% of the current years tax or
100% of the prior years tax or
110% of the prior years tax if the prior year's AGI is more than $150,000 ($75,000 if filing Married filing Separately)
Note that there is no penalty for not paying federal estimates if the current year's tax is less than $1,000 or there was no tax liability in the precedding year.
90% of the current years tax or
100% of the prior years tax or
110% of the prior years tax if the prior year's AGI is more than $150,000 ($75,000 if filing Married filing Separately)
Note that there is no penalty for not paying federal estimates if the current year's tax is less than $1,000 or there was no tax liability in the precedding year.
