For 2023, we had a one time, lump sum, payment from an annuity.
As this is a one time event, the estimated tax vouchers for next year will be more than we need to pay for the following year.
However, to stay ahead of increased income from 1099-INT, how do we determine the proper amount, and do we get a receipt / proof of payment if we make estimated tax payments?
Is it also true that the estimated tax vouchers and payments are not required, and we can elect not to use them, with the understanding that a fine for underpayment may result.
Paying a $200 fine for underpayment, verses keeping the money in a bank/credit union at 5%, is worth considering.
