Your hunch is probably correct, but we should make sure.
I'll use your $16,000 example:
- You said you intend to pay my first estimated payment for 2024 (110% of the 2023 tax ) amount in April.
- Does this mean that you are going to prepare a check for 10% of your 2023 tax due ($1,600) plus an additional double the amount that you estimate each year ($8,000)?
- Total payment $9,900
- Then two equal but lower payments in June and September.
- Is this your regular estimated tax referred to above?
- Two $4,000 payments.
- And for good measure you overpay a few hundred that gets applied to the next year,
You could spread it equally over 4 quarters, but that does sound like a solid plan.
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