Thanks for your reply. In our situation, the tax on gain is above $1K and the withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)
So seems like we'll be required to make estimated tax payments. The house was sold on Jun 7th, 2022. Does this mean we were required to make the estimated payment in Jun-2022 or Q2-2022? We did not make any estimated payment. If we pay now in Sep-2022, does that mean we will incur penalty when we file our FY2022 taxes in Apr-2023? Or as long as we make the estimated tax payment in 2022, there's no penalty? Thank you!
