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R
ROMA21
March 1, 2022
Question

I owe the IRS $3625 for tax year 2021 and Turbo Tax printed out Quarterly Vouchers to pay in tax year 2022 for $1453 per Quarter. Why are the Quarterly payments so high?

  • March 1, 2022
  • 1 reply
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    1 reply

    M
    Mike9241
    March 1, 2022

    was your adjusted gross income more than $150,000. then the protective estimate is going to be 1110% of your 2021 tax less withholding.

    so it is possible to have larger estimated tax payments than what you owed for the previous year. 

    you can pay what you like but if you don't cover by withholding and estimates, the lower of 90% of your 2022 tax or 110% of your 2021 tax you will owe a penalty.

     

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