I'm turning 73 in 2024, so this is the first year of RMD for me. That means a substantial increase in my taxable income. I made estimated payments to the IRS for quarters 1, 2, and 3 based on last year's TurboTax suggestions, then remembered the RMD. I want to avoid paying penalties. I spoke to my financial advisor who said that he suggests that I make payments equaling 110% of what we owed last year. So I added some last week, and will make a larger Q4 estimated payment to get to 110%. Of course I will owe more at filing time, but will this help us avoid penalties?
