An individual who expects to receive more than $500 of income from sources other than wages meets the requirements for having to file quarterly estimated tax payments.

Question

Quizplus · Accepted Answer

The requirement for filing quarterly estimated tax payments typically applies to individuals who expect to owe at least $1,000 in taxes for the year after subtracting their withholdings and credits, not just receiving more than $500 of income from non-wage sources.

An Individual Who Expects to Receive More Than $500 of Income