Federal Estimated Tax Payments or Extension Payments

General Rule  

In most cases, you must pay estimated tax for 2024 if both of the following apply. 

  1. You expect to owe at least $1,000 in tax for 2024, after subtracting your withholding and refundable credits.  

  2. You expect your withholding and refundable credits to be less than the smaller of:  

     a. 90% of the tax to be shown on your 2024 tax return, or  

     b. 110% of the tax shown on your 2023 tax return. Your 2023 tax return must cover all 12 months. 

This would mean you would not be subject to estimated tax penalties on your 2024 tax return. You can pay the taxes online via IRS Direct Pay at https://www.irs.gov/payments/direct-pay . Follow these instructions to pay the taxes:  

1. Go to https://www.irs.gov/payments/direct-pay 

2. Select “Make a payment”  

3. Reason – Estimated Tax or Extension

4. Apply payment to – 1040ES  

5. Tax period – 2024 

6. Verify your information using information from prior years tax return. You will need the filing status (Married Filing Joint ) , First and Last name exactly as input on the tax return in question , SSN, address used on that year’s tax return  

7. Then you will need your bank account information to pay the appropriate amount of tax 

8. Save a confirmation of the payment and provide to us when filing your tax return