AmyC
Employee Tax Expert

After you file

Estimated taxes are based on your predictions. My guess would be you crossed the income line or simply made more than expected. 

 

Generally, to avoid a penalty, you should pay a. 90% of the tax to be shown on your 2022 tax return, or b. 100% of the tax shown on your 2021 tax return. 

 

IRS Pub 505 states: 

Higher Income Taxpayers If your AGI for 2022 was more than $150,000 ($75,000 if your filing status for 2023 is married filing a separate return), substitute 110% for 100% in (2b) under General Rule, earlier. For 2022, AGI is the amount shown on Form 1040 or 1040-SR, line 11.

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