IRS Safe Harbor Rule for Tax Payments

[CB1946]

I would like to determine if this hypothetical scenario satisfies the federal Safe Harbor Rule for tax payments:

* 2023 Tax Owed and Paid = $14,761

* 2023 Adjusted Gross Income >$150,000

* 2024 Safe Harbor Amount = $14,761 x 110% = $16,237

* 2024 Tax Payments:

      * 2023 Overpayment Applied to 2024               $4,377

      * 2024 Withholding Tax                                         $5,517

      * Q1 2024 Estimated Tax Payment                      $5,250

      * Q2 2024 Estimated Tax Payment                              $0

      * Q3 2024 Estimated Tax Payment                      $3,000

      * Q4 2024 Estimated Tax Payment                              $0

       * Total Tax Payments                                            $18,144

       * Overpayment of Safe Harbor Amount            $1,907

       * Tax Payments / 2023 Tax Owed & Paid (%)          123%       

[dmertz]

Yes, for this safe harbor it appears that you have overpayments of $6,947 for Q1, $4,267 for Q2, $4,587 for Q3 and $1,907 for Q4, no quarters with an underpayment.