Federal Tax Procedures

Question 1

Estimated Tax Payment - Individual

Answer 1

<$1,000 - no estimated tax due
if AGI </= $150,000
Lesser of:
PY: 90% of tax liab
CY: 100% of tax liab
Otherwise
Lesser of:
PY: 110% of tax liability OR
CY: 900% of tax liability

Question 1

Estimated Tax Payment - Corporations

Answer 1

Lesser of:
PY: 100% of tax liability OR
CY: 100% of tax liability