In January, 2023, I received a one-time lump sum payout of long term capital gains. Neither Federal nor Missouri tax was withheld by the payer.
To avoid IRS and state penalties, do I have to make the first quarter's estimated tax payments sufficient to cover the anticipated tax due for the first quarter and then pay 'normal' estimated payments for the remaining three quarters. Or can I divide the four estimated tax payments evenly throughout the year?
My income for 2023 will equal that of 2022 except for the lump sum payment received.
Thank you!
Frank
