I had a lot of capital gains income in 2021 which I do not expect in 2022. I made my estimated tax payments in 2021 as the income was realized. I'm expecting a sizeable refund due to overpayment of taxes in 2021. TurboTax is telling me that I now need to pay 110% of the 2021 tax bill in 2022, and it specified a huge amount of estimated taxes. Again, I do not expect to earn the same level of capital gains in 2022. If I pay the specified estimated taxes, they would all be returned at the end of 2022. This seems nonsensical. Do I have any recourse to pay what I actually expect to owe rather than the 110% figure specified by the IRS? Is it a law, or is it a guideline?
