Could someone clarify The Safe Harbor Rules?
Example
One pays 110% of the prior year's tax payment by year end.
What If?
What if the prior year's tax payment was $5,000.
What if this years income will be much higher and the tax due will be $50,000.
It seems there must be a limit on using a prior year's tax payment which was far lower then this year's payment will be.
Is there a rule or limit?
What am I missing?
Thanks in advance.
