Hi Kamull01,
If I may add my advise to the others befor me,
there is a safe harbor that allows for an exception to the Estimated Tax Penalty:
Safe Harbor Rule:
Generally, you can avoid the penalty if you pay at least 90% of the tax for the current year or 100% of the tax shown on your return for the prior year, whichever is smaller.
Plainly speaking, if you pay more than the tax liability for the past tax year or more than 90% of the tax liability for the current year, the penalty can be excluded. If your are fortunate enough to be in the higher tax range with income exceeding $150K, the exclusion is effective if 110% of the past year's tax liability is paid.
Goodluck!
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