Get your taxes done using TurboTax

@DianeW777   Appreciate your valuable input.  Yes, salary is received evenly throughout the year.  However, vested stock and bonus were first quarter with standard taxes taken out though.  I have NOT paid any Estimated Tax Payments like on the beginning pages of the Tax Return.  Do you actually recommend it?  I was always ok having a balance due for Federal as I saved for it.  Avoiding the $3322 penalty is worthwhile though.

 

Can dividend and interest income affect an Underpayment Penalty significantly too?

 

Would 2022 income (w/ $106 Underpayment Penalty) also affect the 2023 Underpayment Penalty amount?

 

You mentioned:

"Note: High-income taxpayers. If your adjusted gross income (line 11 of your 2023 Form 1040) is greater than $150,000 (or $75,000 if you're married and file a separate return from your spouse), you can avoid a penalty by paying at least 110% of your total tax from the prior year."

 

How do you go about paying $110%+ of your total tax from the previous year?  Through Estimated Payments with values higher than the four quarter Tax Return recommends maybe???

 

Thank you!