I used TurboTax and have for years. 2023 was my first year paying estimated taxes which I figured out using a spreadsheet (retired). I came pretty close.
When I filed and looked at what TurboTax estimated for my quarterly payments to be for 2024 it was about $1000 less than what I owed in 2023. That can't be right since my income will be about the same/slightly higher.
I was writing to ask for an explanation and then I figured it out but I thought I'd still post in case anyone else ran into that situation.
I had about $1000 withheld for Fed taxes from an inherited IRA's RMD. TurboTax assumes I will do the same in 2024.
No math errors by TT so I either need to bump up each estimated quarterly payment or do about the same withholding from the RMD.
When I filed and looked at what TurboTax estimated for my quarterly payments to be for 2024 it was about $1000 less than what I owed in 2023. That can't be right since my income will be about the same/slightly higher.
I was writing to ask for an explanation and then I figured it out but I thought I'd still post in case anyone else ran into that situation.
I had about $1000 withheld for Fed taxes from an inherited IRA's RMD. TurboTax assumes I will do the same in 2024.
No math errors by TT so I either need to bump up each estimated quarterly payment or do about the same withholding from the RMD.
Statistics: Posted by Dregob — Wed Feb 28, 2024 9:37 pm — Replies 1 — Views 244
