The fourth and final 2023 Quarterly Estimated Tax payment is due on Tuesday January 16, 2024. Whether this is your first time paying estimated taxes—or you missed making payments in 2023—you may have questions. GRAD Help’s 2023 Estimated Tax Information Session webinar covers what estimated taxes are and how to calculate an estimated tax obligation. Watch at your convenience and reach out to gradhelp@uchicago.edu with any questions.

But what are estimated taxes, and when do you have an estimated tax obligation?

Estimated quarterly taxes may be made for any income that is considered taxable and reportable but not subject to tax withholding. For example, students do not need to pay estimate taxes income from a teaching role at UChicago because federal and state taxes are already withheld. However, the University does not withhold federal taxes from some fellowship stipends and cannot withhold any state taxes. That means individual students are responsible for making calculations using tax forms such as the 1040-ES (federal) and IL-1040-ES (state) and determining if they have a potential estimated tax obligation.

Payment dates are spread through the year so that there’s not one lump-sum bill due on Tax Day. The dates set by the IRS for 2024 income are:

Lastly, while the deadline to file your state and federal returns for 2023 is not until April 15, it’s never too early to takes steps toward successful tax preparation. Please visit GRADHelp’s Tax FAQ to get started!