AliciaP1
Expert Alumni

Business & farm

Yes, but given the significantly larger amount shown, I'm assuming you have QBI losses that are being fully recognized in 2021 to reduce the current year amount.

 

If there will no longer be W-2 withholdings to offset tax due, I suggest you reduce the QBI deduction to calculate estimated taxes.  Although, you can leave it as is and just increase the amount you pay each quarter by crossing out the printed amount on the 1040 ES and writing in your own amount you will pay.  The whole process is an estimate and can feel like a shot in the dark, but only a tax professional who is reviewing your activity periodically during 2022 could possibly give you a better estimate of your payments needed for the year.

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