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Can someone please verify that what I wrote in my last post is correct?

 

ALSO, I have a question regarding the calculation of estimated payments for May, August, and December.

You state that I should do the same calculation that I did for March, which is:

 

X= 110% of 2022 tax divided by 4

subtract A which is tax withheld to date

P= payment

X-A=P

Do this on 3/31, 5/31, 8/31 & 12/31

 

This method works fine for 3/31. However, in 5/31 (and later), if I use A as the tax withheld to date, A will be all tax withheld from 1/1 - 5/31, which will be a much greater number than the first quarter, and I will be subtracting it from X, which is just 1/4 of the total tax. This cannot be correct...

 

Should I recalculate A each quarter like the following:

5/31: A = 5/31 YTD fed tax withheld - 3/31 YTD tax withheld

8/31: A = 8/31 YTD fed tax withheld - 5/31 YTD tax withheld

12/31: A = 12/31 YTD fed tax withheld - 8/31 YTD tax withheld

 

Then, the X - A should have the correct payment each 'quarter'.