Maybe simple or complex. . .
Resulting from an end-of-year substantial income from dividends, capital gains, and RMD from my IRA, I will allocate the necessary amount of RMD withdrawal funds for taxes; however I want it (both federal and state) to be 110% of last years tax. Without prematurely forecasting the 2023 total income which will/may be substantially less than 2022 I question what amount the 110% is applicable to . . . bear with me a moment.
Let's assume for 2022 filing I had paid $70K (payments/credits) netting an owed amount of an additional $7K when filed. TT estimated quarterly tax payment was $3700 each, a total of $14.8K. So, that said, would my 110% exposure be based on the total $77K or simply the amount that wasn't prepaid when filed (the $14K?)
Thanks for any insight,
JJ
