If you're retired and missed quarterly estimated tax payments for 2022, there's still a chance to avoid late penalties. Here's what to know.
You can complete this by Dec. 31, and it's considered "pro rata" for each quarter, meaning it counts as on-time payments made by each deadline, explained JoAnn May, a CFP and CPA who founded Forest Asset Management in Berwyn, Illinois. "That's a nice thing that I do for a lot of my older clients," she said.
You can base payments on your income each quarter or check your 2021 return for last year's tax liability and divide that number into four equal payments. By paying at least these amounts by each of the deadlines, you won't incur late payment penalties. The first three deadlines for quarterly estimated tax payments this year were April 18, June 15 and Sept. 15, and the fourth-quarter balance isn't due until Jan. 17, 2023.
However, making payments based on last year's liability isn't a guarantee you won't owe taxes for 2022. By working with a tax professional, it may be easier to gauge exactly how much to set aside before filing taxes in April.
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