Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Personal Finance and Investing

progree

(12,079 posts)

7. This year: $5,800 to federal, $800 to state. Electronic payments scheduled for Apr 17

Reply to jimfields33 (Reply #2)

Sat Apr 15, 2023, 05:02 PM

Apr 2023

No penalty for underpayment because I used a safe harbor provision: paying estimated taxes equal to the previous year's (2021's) actual taxes is all that is required. In 2021 my taxes were low because of a huge deduction that I've had for 6 years through 2021. From 2022 onward my taxes are going to be quite a lot higher than they have been for 6 years. Ughh. In 2023 my estimated taxes will be nearly $3000 quarterly (federal and state combined).

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

17 replies

= new reply since forum marked as read

Highlight:

I just turned in my federal income taxes. [View all] mahatmakanejeeves Apr 2023 OP

Just A Thought Ahna KneeMoose Apr 2023 #1

I did that. I fill out a .pdf of each form ahead of time and those to fill out the forms at the IRS. mahatmakanejeeves Apr 2023 #4

I have my 975 dollar check all filled out. Going on Monday to mail it. jimfields33 Apr 2023 #2

This year: $5,800 to federal, $800 to state. Electronic payments scheduled for Apr 17 progree Apr 2023 #7

Yowza! That's pretty hefty. Thank you for doing what you do! jimfields33 Apr 2023 #9

I didn't know you could do that. mahatmakanejeeves Apr 2023 #11

There's another safe harbor provison. And warning about paying a lot of estimated tax late in year progree Apr 2023 #12

I took one look at the 2210 and didn't bother to fill it out. mahatmakanejeeves Apr 2023 #13

This message was self-deleted by its author bucolic_frolic Apr 2023 #3

Do you live in a state with income tax? question everything Apr 2023 #5

Yes, Virginia. Virginia's forms are not due until May 1. mahatmakanejeeves Apr 2023 #6

Do these things calculate the other fields? progree Apr 2023 #8

If you itemize your deductions on federal you probably can use standard deductions for the state question everything Apr 2023 #10

My taxes involve a lot fewer forms. mahatmakanejeeves Apr 2023 #14

But do they do all the intermediate calculations for the forms that they support? Thanks progree Apr 2023 #15

Oh, yes. mahatmakanejeeves Apr 2023 #16

Thanks, I'll have to try it out as an estimator /nt progree Apr 2023 #17