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Deductions & credits
Thanks - On second quarter you add first and second together then multiply by 2.4, third quarter you combine with early quarters and multiply by 1.5, and for fourth quarter add all income and multiply by 1. If I pay the 1st quarter annualized amount due that will more than cover my upcoming 2020 tax burden but not meet my last year 110% taxes paid figure so that could subject me to a penalty. If I take last years taxes paid and divide by 4 I am not sending them enough on the first quarter to cover the actual first quarter taxes owed. This is indeed a complicated and convoluted way to try to pay one's taxes and avoid being penalized because of fluctuating income.
March 30, 2020
9:45 AM