Yes, if you made the quarterly payments and entered the annualized income, you will not have to pay the penalty.
You may avoid the Underpayment of Estimated Tax by Individuals Penalty if:
- Your filed tax return shows you owe less than $1,000 or
- You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less. If your adjusted gross income (AGI) for 2023 was more than $150,000 ($75,000 if your filing status for 2024 is married filing separately), substitute 110% for 100%.
Note that the 100%/110% still has to be quarterly if you are making the estimated payments. Otherwise, as in your case, you have to enter when you received the income to avoid the penalty.
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