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The deadline for the final 2022 estimated tax payment is January 17
Many taxpayers make quarterly estimated tax payments during the year to stay current on their taxes. Anyone who paid too little tax in 2022 needs to make a fourth quarter payment on or before Jan. 17 to avoid an unexpected potential tax bill or penalty when they file in 2023.
Here’s who needs to make a payment
In addition, people who owed tax when they filed their current year tax return often find themselves in the same situation again when they file the next year, so they may want to consider making estimated tax payments. Taxpayers in this situation often include:
Understanding what’s taxable
Also, various financial transactions, especially those made late in the year, can have an unexpected tax impact that may call for estimated tax payments. Examples include year-end and holiday bonuses, stock dividends, capital gains distributions from mutual funds, and stocks, bonds, virtual currency, real estate or other property sold at a profit.
Delay in requirement for Forms 1099-K
Taxpayers must accurately report all income, even if they do not receive a Form 1099-K or other information return.
How to make an estimated tax payment
More information on other payment options is available at Pay Online.
Stay current using the Withholding Estimator
Share this tip on social media — #IRSTaxTip: The deadline for the final 2022 estimated tax payment is January 17. http://ow.ly/7qho50MnI1V
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