Who Should Pay Estimated Tax?
In general, if you expect to owe, after subtracting Connecticut tax withheld, more than $200 and you expect your Connecticut income tax withheld to be less than your required annual payment, you should make estimated payments. WHAT IS MY REQUIRED ANNUAL PAYMENT? Your required annual payment is the lesser of : • 90% of your total Connecticut income tax for the current taxable year, or • 100% of your total Connecticut income tax for the preceding taxable year, if you filed a Connecticut income tax return for the preceding taxable year that covered a 12-month period. NOTE: You do not have to make estimated income tax payments if you did not file a Connecticut income tax return for the preceding taxable year because you had no Connecticut income tax liability and you were either: • a resident of Connecticut for the entire preceding taxable year, or • a nonresident or part-year resident of Connecticut with Connecticut source income. HOW MUCH IS DUE WITH EACH INSTALLMENT? In general, a taxpa
