I was doing my 2024 taxes on turbotax and this is the first time that I owe greater than $1000; usually I owe less than $500; and I am fine with this. For 2024 I had much greater income, the biggest culprit was due to receiving much greater than normal interest and dividends income, thus causing me to owe greater than $1000. Turbotax calculated that I owe $1002 + $29 penalty, thus totalling $1031 to owe. I have never ever needed to do quarterly estimated payments before. Turbotax is showing I should make quarterly estimated payments for 2025. I am already n the process of increasing the fed tax % that is deducted from my IRA's distributions. So this will help me in not owing greater than $1000 for 2025 filing. MUST I make the quarterly estimated payments as Turbotax shows OR I am fine knowing I am increasing my fed tax % deducted from my IRA distributions?
