My estimated income for 2024 is larger than originally estimated so the estimated payments I will make for the next two quarters should be corrected. How is this done?

[arpegio]

Estimated taxes were based on projected income for 2024 and this projection is likely to be less than my final 2024 income.  How do I correct the estimated tax payments?

[Opus 17]

If you make your payments online at www.irs.gov/payments, you can pay any amount you like, you don't need to send proof of your calculation.  Just make sure to select "2024 form 1040-ES" from the menu as the reason for the payment.

If you want to mail a check, you can print a blank voucher and enter a different amount of your choosing.

https://www.irs.gov/pub/irs-pdf/f1040es.pdf

[VolvoGirl]

Or if you already have the  1040ES slips you can just cross out the amount and write in what you want or even just skip making more estimated payments if the first 2 will be enough.  The IRS is not expecting them or expecting a certain amount.  They are optional to pay.  

[Mike9241]

correction may be entirely up to you.  under Federal law there will be no penalties for underpaying estimated tax if either:

1) withholding and timely estimates = 100% of 2023 tax. That jumps to 110% if your 2023 adjusted gross income was more than $150,000

2) withholding and timely estimated tax payments = 90% of your 2024 tax.

if you are not going to meet either test, then increased estimates are required. keep good records because the default for underestimation of tax penalties is that 1/4 of your taxes are due each tax period nu 4/15,6/15,9/15 and 1/15 of following year. With uneven income and payments, you may need to use the annualized income installment method to avoid/reduce penalties. see form 2210 page 3

https://www.irs.gov/pub/irs-pdf/f2210.pdf 

[rjs]

There will also be no underpayment penalty if the payment due on your 2024 tax return is less than $1,000.

[mpmaxwell2]

I believe this is correct. Which would mean that the "and" in this statement in Turbotax Deluxe 2024 Desktop version should be an "or".