Hi.
Hope it's ok for me to ask a question on this topic since it's related to the original question (rather than creating a new thread).
I owed $1755.00 in taxes for 2019 when I filed, so I was expecting that is what would be used for calculating the estimated tax payments, however the quarterly estimated tax payments determine in TT was $795 per quarter. I guess there is some calculation based on total tax owed, amount of tax paid that goes into figuring out the estimated quarterly calculations. Total tax owed in 2019 was $6592 with $4837 being paid during the year.
I saw the comment about filling out a new form to calculate a different value, but if my income is variable due to independent work, if I were to fill out that form to come up with a lower quarterly estimate but then owed more than $1000.00 next year I would be hit with interest and penalties . . . I guess I should have looked at my quarterly estimates before submitting my return earlier as if I wanted to change the amount required I would have to had to do that calculation before submitting my return (had to submit on May 1 due to State filing requirements)
I'm assuming I'm stuck with making the first 3 quarterly payments as calculated in my return and then for the 4th quarter make some decision based on my income for the year whether or not I need to bother making the 4th quarterly payment in Jan 2021
Does this sound accurate?
Thanks!
