Paying 2024 estimated taxes w a combo of RMD & quarterly payments. Converted TIRA $ to Roth in 2023, so have higher than usual income. Will need to pay 110% of 2023 tax due (plus $1) for safe harbor. Plan to take RMD in late Nov and send the entire amount (less a few QCDs) to IRS. Using a sample number to make the math easy, let’s say we owe $50k for safe harbor and the $ withheld for taxes from the RMD will be $10k.
Do we subtract the $10k RMD payment from the $50k due since it counts as spread the whole year and divide the remaining $40k by 4 and make 4 estimated payments of $10k each? A friend says we should divide the $40k by 3 and send $13333 for April, June, September, have the $10k withheld from the RMD in Nov as planned, and don’t send the Jan '25 payment. The #s computed by TT are way off bc the numbers are so different from prior year. What is the correct way to do this? Thanks for any help!
