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Investors & landlords
Yes, if your W2 withholdings equal 110% of your 2024 federal tax liability, you will not incur the penalty. Note that the withholding have to be made throughout the year, so wage withholding works well.
New Jersey does require payment of estimated taxes based on the current year income so the quarterly estimates will prevent the penalty.
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March 3, 2025
4:36 PM