My 2022 capital gains, dividends and interest income will be significantly more than they were in 2021. For my 2021 taxes, I received a refund as I overpaid my taxes. Federal income taxes are being withheld from my annuities and social security. I am retired.
I just increased my withholding from my annuities, however, for 2022, I estimate that I will still owe a considerable amount of income taxes. I've never had to pay estimated taxes.
Will I be charged a penalty if I wait until I file my 2022 taxes and pay at that time? Irrespective of that, should I make estimated tax payment(s) this year/now? What form(s) do I use to make estimated tax payments? How frequently can they be made?
Thank you.
