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Level 1
posted Jul 2, 2024 12:22:33 PM

My 2022 estimated tax calc of taxable income appears to be

In 2022 I prepared my 2023 estimated tax payments using TT.  My actual amounts in 2023 were almost exactly correct, however my calculated taxable income is $9800 higher than the estimate. It seems that the 2022 TT miscalculated my taxable income despite accurate inputs, resulting in an underpayment of 2023 taxes by over $2000.  I fear a penalty will be imposed, on what seems to be an error in the 2022 program.  Help!

0 1 12876
1 Replies
Level 9
Jul 2, 2024 5:01:28 PM

It was an estimate not a guarantee of what you would actually earn.  Part of being self-employed is reviewing your income and making changes to your quarterly payments to reflect your actual earnings.  Intuit QuickBooks has a functionality that analyzes each quarter and notifies if you are on track.