Thanks Kathyrn. From the information in one of the resource links you provided (‘Estimated Taxes: Common Questions’), it indicates the following:
“In most cases, to avoid a penalty, you need to make estimated tax payments if you expect to owe $1,000 or more in taxes for the year—over and above the amount withheld from your wages. In some cases, though, the $1,000 trigger point doesn't matter. If your prior year's Adjusted Gross Income was greater than $150,000, then you must pay either 90 percent of this year's income tax liability or 110 percent of last year's income tax liability.”
Based on the above, although I expect to owe more than $1,000 in 2020 taxes (over and above the amount that I will have withheld), I do not need to pay estimated taxes in 2020 because my withholding in 2020 year-to-date has already exceeded my 2019 total income tax liability by 20%.
If I am missing something, please advise.
