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Retirement tax questions
OK, thanks. If I understand both kind responses, I should pay 1/4 of the estimated tax liability by the required quarterly deadlines and not all at once in the first quarter. What confused me was the following statement on the turbotax website:
"Should I pay in equal amounts?
Usually, you pay your estimated tax payments in four equal installments. But you might end up with unequal payments in some circumstances:
- If you had your previous year's overpayment credited to your current year's estimated tax payments
- If you don't figure your estimated payments until after April when the first one is due
- If you unexpectedly make a lot of money in one quarter"
I interpreted the last statement as having to pay the entire rollover tax liability in the quarter it was incurred(?)
‎January 22, 2020
12:25 PM