Information about any future developments affecting Pub. The IRS has created a page on IRS.gov for information about Pub. Generally, the IRS can figure this penalty for you.įuture developments. If you didn’t pay enough tax during the year, either through withholding or by making estimated tax payments, you may have to pay a penalty. It also explains how to take credit on your return for the tax that was withheld and for your estimated tax payments. This publication explains both of these methods. Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax.
You may have to pay estimated tax if you receive income such as dividends, interest, capital gains, rents, and royalties. People who are in business for themselves will generally have to pay their tax this way. If you don’t pay your tax through withholding, or don’t pay enough tax that way, you might have to pay estimated tax. The amount withheld is paid to the IRS in your name.Įstimated tax. In addition, tax may be withheld from certain other income, such as pensions, bonuses, commissions, and gambling winnings. If you are an employee, your employer probably withholds income tax from your pay.
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