turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

LLSPA
New Member

Quarterly Payments

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?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Quarterly Payments

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

Quarterly Payments

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

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies