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Get your taxes done using TurboTax
since it seems you anticipate your 2024 taxes to be greater than your 2023 taxes, if your 2024 withholding is at least equal to 100% of 2023 taxes (110% if your adjusted gross income for 2023 was $150,000 or more) then you would be safe from underpayment of estimated taxes penalties come 4/15/2025 no matter how much you owe.
I 'll alert you not to wait to the last minute to increase withholding if needed. there are situations where the increase does not go through in 2024 leaving you short and subject to penalties.
May 31, 2024
7:05 PM
30,920 Views