Sometimes, estimated payments are made after the end of a tax year. These payments can be a deduction on your return for the year in which they were paid.
What are estimated tax payments?
Estimated tax payments is a method use to pay tax on income that is not subject to tax withholding. If the amount of income tax withheld from your income is not enough, then you may be required to make estimated tax payments, and if you don't make enough tax through withholding and/or estimated tax payments then you may be charged a penalty (underpayment of estimated tax).
To figure your estimated tax payments (if required) use Form 1040-ES.
If you made estimated tax payments on or before January 16, 2024, you can report this payment by taking this pathway:
- Federal Section
- Payments and Estimates
- Federal Estimated Tax Payments
- Estimated Federal Tax Paid on or Before January 16, 2024
If you don't remember how much you paid, you can view your IRS account, here.