[Individual]Do you have to pay Estimated Tax? (Feb-4-2011, 74 days left)

The person who meet both conditions must pay estimated tax:
First, you expect to owe at least 1000 tax liability after subtracting your withholding and refundable credits.
Second, you expect your withholding and refundable credits to be less than the smaller of 90% of tax on your current year file or 100% of the tax on your last year file.


You can use Estimated Tax Worksheet to figure out your estimated tax. Also don't forget the due date for each period(Apr-15, Jun-15, September-15, January-15). You may be charged penalty on your late filing.

PSQ

Source: http://www.irs.gov