here are the two basic rules for avoiding federal underpayment of tax penalties
There will be no federal penalties for not paying in enough taxes during the 2024 if withholding
1) and timely estimated tax payments equal or exceed 90% of your 2023 tax or
2) and timely estimated tax payments equal or exceed 100% of your 2022 tax (110% if your 2022 adjusted gross income was more than $150K) or
in short, if you do not pay the federal estimated taxes will your withholding equal 90% of your 2024 tax or 100%/110% (see above) of your 2023 tax? if not, you will owe penalties for 2024 unless the balance due when you file 2024 is $1000 or less. Turbotax federal estimates suggest you will owe close to $3000 (this is around the difference between your 2023 tax and withholding). The alternative to paying estimates is to increase withholding.
