Sorry... I should have been more clear.
I didn't owe a penalty. When I was saying I owed only $300... I was attempting to say that I owed very little compared to the taxes I had withheld -- about $45,000. Also, line 38 of my return is blank which indicates that I didn't have a penalty for under payment.
And, this is the first time, in many years, that I'm not getting a refund.
My understanding is that I would only have a penalty if the amount I owe is more than a certain percent of my tax burden. And I would only have to pay estimated payments if I have a penalty.
Are there other reasons I might have to start paying estimated quarterly taxes even though it seems I have a significant amount taken from my paychecks? Both my wife and I claim 0 and single on our W-4.
Also... TurboTax is saying that I need to pay over $2000 quarterly -- Almost $10,000 total. That seems crazy high given the small amount that I owed. I expect that if I make those quarterly payments... I will get a huge refund next year.
