Question

Quarterly Payments

Forum|Forum|1 year ago
June 21, 2024
2 replies
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If my 2023 tax was $20,000 but my 2024 tax will be $40,000 will I meet all requirements and not get penalized if I pay four equal quarterly payments of $5,500?

B

Bsch4477

Employee

Individuals whose AGI for the preceding taxable year exceeds $150,000 must pay the lesser of 90% of the tax due for the current year or 110% of the tax on the individual’s return for the prior taxable year

N

NCPERSON1

and to be sure "tax" is correctly defined, please look at line 24 of Form 1040 from 2023.