Dear Community,
Turbotax calculated I owe $1K tax for 2023, although I withhold more than 90%. It also calculated I need to make 4 estimated tax total of $2.6 K in 2024. But I just installed solar this year so I will get $9 K credit from that. Is there any option before I file to avoid overpaying too much in 2024?
Thank you in advance.
Estimated taxes are voluntary. You do not have to make the suggested payments. Since you expect a very different tax outcome for 2024, you may not want to pay any estimated taxes for 2024. The estimated tax forms are not filed with your return, they are for you to use if you want to make quarterly payments.
Estimated taxes are voluntary. You do not have to make the suggested payments. Since you expect a very different tax outcome for 2024, you may not want to pay any estimated taxes for 2024. The estimated tax forms are not filed with your return, they are for you to use if you want to make quarterly payments.