- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
After you file
in 2021 for 2022 estimates did you choose 90% of 2022 taxes? that's a crapshoot. because you have to be almost dead-on with income and withholding for 2022. TurboTax uses 2021 numbers to calculate the estimates unless you provide different numbers. too much income and/or too little withholding in 2022 and you don't meet the 90% test. there is a safe harbor for 2023. withholding and timely estimates payments equal 100% of your 2022 tax (you select this in Turbotax estimates) or 110% of your 2022 tax if your 2022 adjusted d gross income, line 11 of the 1040, is over $150K. this is the foolproof method because if you comply with this method and you end up owing $1,000,000 - you won the lottery. there are no penalties for underestimating.
‎February 24, 2023
5:06 PM