2024 Q3 ESTIMATED TAX PAYMENT DUE SEPTEMBER 16, 2024.

The Internal Revenue Service reminds taxpayers the deadline to submit their third quarter estimated tax payment is Sept. 16, 2024. 

The IRS also reminded taxpayers affected by disasters in 17 states, Puerto Rico and the Virgin Islands that they may automatically qualify for a delayed tax-payment deadline. Deadlines vary depending upon the disaster and locality. 

Taxes must be paid as income is earned or received during the year, either through withholding or estimated tax payments. Taxpayers such as gig workers, sole proprietors, retirees, partners and S corporation shareholders generally should make estimated tax payments if they expect to have a tax liability of $1,000 or more when they file their return. 

A general rule of thumb is that taxpayers should make estimated tax payments if they expect: 

• To owe at least $1,000 in taxes for 2024 after subtracting their withholding and tax credits.
• Their withholding and tax credits to be less than the smaller of:
  • 90% of the tax to be shown on their 2024 tax return or
  • 100% of the tax shown on their complete 12-month 2023 tax return. 

Figuring estimated tax

To figure estimated tax, taxpayers calculate their expected adjusted gross income (AGI), taxable income, taxes, deductions and credits for the year. To figure 2024’s estimated tax, it may be helpful to use income, deductions and credits from 2023 as a starting point.