Underpayment penalty if I owe 500,000 in taxes now but I prepaid over 110% of prior year's tax earlier

[brosario312]

My 2023 FED tax totalled 60,000. Early in 2024 I prepaid estimated tax in the amount 70,000. But I now calculate a total of 500,000 in FED  tax for 2024. Will I have an underpayment penalty even though I prepaid more than 110% of prior year's tax, and paid the remaining 430,000 before April 15 this year?

[TomK2023]

You may have an underpayment penalty because you had such a large increase in your income.

If you are responsible for an underpayment penalty, the program will automatically compute and add that amount to your return, and reduce any refund or increase your tax liability as applicable.  

Enter Underpayment Penalty here.

1. Open your return (if not already open).
2. Enter "underpayment penalty"  in the Search box.
3. Click on "Jump to underpayment penalty" link.

[Bsch4477]

You can still get a penalty if the tax was not paid in a quarterly fashion. 
Form 2210 will calculate that. 

[brosario312]

To be clear, I satisfied the safe harbor rule for high income by paying over 110% of my last year's tax liability in proper quarterly payments. By all that I read in IRS publications, no matter how much tax I owe this year there will be no interest and penalty due as long as I pay whatever is due by april 15 this year... is this correct or not?

[DavidD66]

You are correct.  If you pay your entire tax bill by April 15th, and you timely made quarterly estimated tax payments that total 110% of your total tax amount you will not be subject to any penalty or interest.  If any is assessed, you should challenge it.  

[Bsch4477]

Correct, as long as the quarterly payment requirement is met. See page 24 of this publication. 
https://www.irs.gov/pub/irs-pdf/p505.pdf