Estimated taxes

Forum|Forum|2 years ago
December 16, 2023
2 replies
0 views

Hello, I received a substantial bonus very recently. The total withholding for this year from my regular salary plus what was withheld from the bonus will be significantly less than my total estimated 2023 taxes. However, the total withholding is greater than 110% of my 2022 taxes. Do I need to pay any estimated taxes? Based on my reading, even though I will owe a significant amount of taxes when I file my 2023 taxes, I do not need to pay any estimated taxes for 2023. My filing status is married filing jointly. Am I missing anything or anything else I need to consider? Thank you

TurboTax Deluxe Online

Best answer by Anonymous_

See https://www.irs.gov/publications/p505#en_US_2023_publink1000194557

Anonymous_Answer

Employee

See https://www.irs.gov/publications/p505#en_US_2023_publink1000194557

SusanY1

You understand the rules correctly regarding the requirement for estimates to avoid an underpayment penalty. The link given above by tagteam breaks out the additional details if you wish to delve further.

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