Estimated taxes for 2021 too high

[jenbabe]

We rolled over $63000 from our tradition IRA to a Roth IRA in 2020. We thus incurred an $11000 tax, which we were expecting. We are not expecting to do this in 2021, however, our estimated tax is based on this info. How can I get a more realistic estimated tax?  Should we just change my husband's W4 so that we do not have to mess with estimated taxes?

[DanaB27]

Yes, you can change your husband's W4 if needed. Please see IRS Tax Withholding Estimator for additional information.

[jenbabe]

Will this cause a red flag with the IRS if suddenly we aren't sending in estimated taxes?

[JotikaT2]

No, it will not cause a red flag.

Estimated tax payments are generated based upon your activity from the prior year.  

If you determine you do not need them, you do not need to use them.  These are generated as a precaution to ensure you make enough estimated tax payments in during the the year to avoid any potential underpayment tax penalties next year.

Underpayment penalties