Estimated taxes following year after selling a house

[vtpeco]

We sold our house in 2023 for a substantial gain. We paid estimated taxes on the capital gains in the same year and the IRS owed us a refund. 

The PDF printout of our 2023 taxes has payment vouchers for 2024 estimated taxes. Do we need to pay estimated taxes for 2024 based on the one time capital gains in 2023?  

[VolvoGirl]

No, You can ignore them.  The estimated payments are optional to pay. They are estimates for next year. Turbo Tax doesn't want you to owe next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution or had investment gains.    They DO NOT get sent to the IRS or state with your return.  The IRS won't be expecting them.

[Mike9241]

since you won't be paying estimates the following are the safe harbor rules

There will be no federal penalties for not paying having enough in federal withholding taxes to equal or exceed

1) 90% of your 2024 tax or

2) the balance due after subtracting taxes withheld from 90% of your 2024 tax is less than $1,000 

the other rule that is not practical due to the additional taxes on the home sale is for withholding to be 110% of you 2023 taxes (I assuming your 2023 adjusted gross income was more than $150,000)

state laws may differ

[vtpeco]

Thank you for the replies.  After a little further research, we will fall under the safe harbor rules you mention.  We'll just keep an eye on our capital gains income to be sure we don't have to estimate later in the year.

Thanks again.