Quote:
Originally Posted by retiredguy123
For most taxpayers, your estimated payments need to equal or exceed the amount of the total tax paid in the previous year. The total tax is shown on Line 24 of the 2021 tax return. You divide that number by 4 and make that payment 4 times during the next year. For some higher income taxpayers, the formula is a little different. But, Turbotax calculates the amounts either way. So, even if you have a huge income increase in 2022, you still will not owe a tax penalty. I have been doing it that way for over 30 years, and never owed a tax penalty.
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It looks like the 1040 and 2210 instructions do not agree. But, not a CPA or tax attorney so don't want to argue the point.
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Victor, NY - Randallstown, MD - Yakima, WA - Stevensville, MD - Village of Hillsborough
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