Thanks Critter, I got flagged by TT to either change my W4 to immediately pay $480 (due 4/15, which is already too late to change at work) or pay the estimated taxes of $480/qtr. Beginning this year we bumped our income over the $150k by spouse/I going from a traditional 401K to Roth. We've never paid estimated taxes, and it's be nice to just increase our withholdings. My draft 2021 shows a small refund, I'd think 2022 would be very similar, under $1k owed, despite warnings from TT.
1) I believe you IRS allows you to withhold more rather than paying quarterly estimated pmts? Withholdings are viewed as throughout the year, even if you backload the above $2k towards end of year, correct? I don't think I've ever owed more than like a $200 in State, not sure I need to increase withholdings for State. Given I'm too late for the 4/15/22 deadline for Q1, rather than estimated pmts., I think I'm just going to bump up withholdings by $100 per pay x about 17 pays left = $1700 (I'll probably be owed a refund). Could you please share your thoughts on this?
