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Personal Finance (Not Investing) • Self Employment - Estimated tax

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Our 2022 form 1040 return had a "Total Tax" of 57K (Line 24)

My Dec 2023 Paycheck from my W2 employer - shows a YTD tax withheld of 88K

Does that mean I have already reached safe Harbor ? If so does that mean we don't have to pay any quarterly estimated tax in Jan for my spouse's LLC ?
Does "3. You withheld at least 100% (110% if your adjusted gross income for that year was more than $150,000, or $75,000 if married filing separately) of your "prior year’s tax" (see Form 2210 instructions for what "prior year's tax" includes)" apply to you?
Sorry fiveK i don't understand your question.

As i said looks like my last years tax return was 57K and my current W2 is already withholding 88K; so doesnt that mean i am in Safe harbor.
The short answer is "yes" but I was hoping to lead you to make that conclusion for yourself. :wink:

That way you would understand the underlying principles and know how to proceed in future years. Does that make sense?

Statistics: Posted by FiveK — Mon Dec 25, 2023 3:41 pm — Replies 17 — Views 572



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