Estimated taxes are used to pay tax on income that is not subject to withholding. This could be income from being self-employed, interest, dividends, alimony, rent, capital gains, prizes and awards. Estimated taxes may also need to be paid if the tax being withheld from your income is not enough.
If you do not pay enough through withholding or paying estimated taxes, you may be subject to a penalty by the IRS. If you do not pay enough taxes by the deadline or due date, you may be charged a penalty even if you are due a refund on your tax return.
If you would like to print out 2020 Estimated Payment Vouchers, you can do so by logging into your account and go to:
- Federal Section
- Payments and Estimates
- Vouchers for Next Year's Estimated Payments
For more information on the rules for Estimated Taxes, click here.