Turbo tax

[Talent312]

A relative one filed a 1040 and Quarterly Estimated Tax, using a single check to pay both.
... Not a good idea. IRS 'puters may be good at catching math errors; not good at reading minds.
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[rapmarks]

just filed with a big amount of taxes due. turbo tax wants me to pay 110% thru quarterly payments. I thought you only had to pay 96%.

I plan to have the maximum withheld from our MRD's and send one quarterly payment in addition, but I do not expect to have the capitol gain distributions and gains again. I expect topay a lot less tax next year.

 

[linsj]

just filed with a big amount of taxes due. turbo tax wants me to pay 110% thru quarterly payments. I thought you only had to pay 96%.

The IRS rule is 100% of this year's taxes. Otherwise, there's a penalty and back interest. I've been filing estimated taxes for decades without knowing how much I'll make or how many deductions I'll have for my business, so I pay this way.