I receive social security disability income and am not working. There’s a cap on how much of my SSDI checks I can withhold for taxes. As a result, I’m not going to meet the safe harbor minimum for 2024 by about $1000.
Should I just leave it be and pay the underpayment penalty? If it’s small, I’m ok with that.
Or is there a way to remedy the issue with estimated tax payments in Q3 and Q4?
When I ran calculations to determine estimated tax payment amounts earlier this year, it meant paying exorbitant amounts and I wasn’t keen on giving the govt huge interest free loans. I thought I could cover my bases with tax withholding but I was mistaken.
I can provide more details if needed.
Should I just leave it be and pay the underpayment penalty? If it’s small, I’m ok with that.
Or is there a way to remedy the issue with estimated tax payments in Q3 and Q4?
When I ran calculations to determine estimated tax payment amounts earlier this year, it meant paying exorbitant amounts and I wasn’t keen on giving the govt huge interest free loans. I thought I could cover my bases with tax withholding but I was mistaken.
I can provide more details if needed.
Statistics: Posted by Aguilar — Thu Aug 29, 2024 1:49 pm — Replies 2 — Views 41