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Question

Quarterly Payments

2 replies
32 views

If my 2023 tax was $20,000 but my 2024 tax will be $40,000 will I meet all requirements and not get penalized if I pay four equal quarterly payments of $5,500?

Level 15

Individuals whose AGI for the preceding taxable year exceeds $150,000 must pay the lesser of 90% of the tax due for the current year or 110% of the tax on the individual’s return for the prior taxable year

Level 15

and to be sure "tax" is correctly defined, please look at line 24 of Form 1040 from 2023.