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Avoiding quarterly estimated taxes
In 2019 as per customary for me, I paid quarterly estimated taxes due to stock dividends distributed to me throughout the year. But, in early 2020, I exercised my company stock options and I already have federal taxes withheld that exceed my 2019 total federal taxes by 20%. For example, if my 2019 total taxes (line 16) was $20,000, and I have already year-to-date 2020 have federal taxes withheld of $24,000, is it safe to say I can choose not to pay 2020 quarterly estimated taxes and just pay what additional taxes I owe next year without penalty?
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March 3, 2020
7:44 AM