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Do I have to pay estimated tax in 2010?
Estimated tax is a method used to pay tax on income when your withholding and credits do not cover your tax liability. You must pay estimated tax if you expect your 2010 tax to be more than $530 after subtracting your withholding and credits. Common examples of income sources that make quarterly estimated payments necessary are self-employment income, pensions, commissions, lump sum payments, capital gains, dividends, interest, alimony or other sources of income not subject to withholding.
If you estimate that you will owe more than $530 in tax for 2010 (after subtracting your estimated withholding and credits), then you should make quarterly estimated payments either on Ohio form IT 1040ES or by filing and paying electronically.
To assist taxpayers in determining their estimated payments, a complete set of tax rates for years 2004 through 2011 is available on this Web site.
CAUTION: If you are required to make estimated payments and do not, you may be subject to an interest penalty on your underpayment of estimated taxes. Use Ohio form IT 2210, long and short method, to calculate the interest penalty on your underpayment amount.
2010 Payment Due Dates:
1st Quarter - April 15, 2010
2nd Quarter - June 15, 2010
3rd Quarter - Sept. 15, 2010
4th Quarter - Jan. 18, 2011
TIP: If you don't want to make estimated payments, you may increase the amount of Ohio tax your employer withholds from your wages. To do this, file with your employer a revised Ohio form IT 4 (Employer Withholding Exemption Certificate).
