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Deductions & credits
If you count $4000 in the first quarter it is going to get "annualized" to $16,000 which already exceeds the cap.
I did the numbers both ways over the weekend. By the second period the annualization factor of 2.4 was making my "deductions" more than double the year-end allowable amount . Fortunately, annualizing my income got rid of most of the penalty.
‎February 21, 2023
12:15 PM