Yes, you should use the single filing status for 2024. When calculating your tax for 2024, add all the income you think you will receive, calculate the tax on the single filing status and then subtract any federal withholding you anticipate, use the balance to arrive at your estimated tax for the year.
If you should have an increase to your income at some point you can always add more to the next payment. The following can be a guide if your income will increase over the 2023 tax year.
Generally, you can avoid the penalty if your total timely estimated payments and withholdings are greater than or equal to the lesser of:
- 90% of the total tax after credits for the current year, or
- 100% of the total tax after credits in the prior year
- See one exception below.
You can also avoid the penalty if the amount you owe is less than $1,000 as long as any estimated tax payments you made are timely.
Note: High-income taxpayers. If your adjusted gross income (line 11 of your 2023 Form 1040) is greater than $150,000 (or $75,000 if you're married and file a separate return from your spouse), you can avoid a penalty by paying at least 110% of your total tax from the prior year.
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