Ignore them. TT's estimate payments calculations are always high - I think they assume withholding will be the same as last year and that you want to meet the 100% (110%) safe harbor. Remember, their goal is to get you as large a refund as possible and one way to do that is to have overpay during the year. Want a million dollar refund? It's simple, just make a million dollar estimated payment today! In contrast, my goal is to just meet the lower (probably the 90% safe harbor) and pay the balance on 4/15.Interestingly, TT prints out estimated payments for 2024 and those are calculated higher than previous years though my total income wasn't that much different.
If your wage income is constant, you can take your YTD withholding and add it to your most recent pay period withholding multiplied by the number of pay periods remaining in the year and see where that put you relative to the safe harbors.
Statistics: Posted by lstone19 — Sat Mar 30, 2024 1:48 pm — Replies 22 — Views 2007