My income for 2023 was artificially high due to extraordinary circumstances. In 2024, my income will be
just Social Security payments, interest and dividend income. I am retired and have no withholding this year yet.
Turbo Tax has calculated that I should be paying estimated taxes for 2024 TY. This is, of course, based on the artificially inflated income in 2023.
Do I have to pay this level of estimated taxes or can I pay a smaller amount given that my tax bill in 2024 will be much, much smaller?
I have used a Dinkytown tax calculator to estimate what my 2024 taxes will be. They are significantly less than the estimated taxes suggested.
