All the above is well stated in a concise manner.For federal, see Safe harbors.
For MA, see https://www.mass.gov/doc/2023-form-m-22 ... x/download. The MA safe harbors look similar to the federal ones, except
- owe <$400 instead of <$1000
- have paid 80% of current year's tax liability instead of 90%
- have paid 100% of previous year's instead of "100% of previous if previous AGI was <$150K, otherwise 110% of previous"
Doing a draft of the federal and MA forms 2210 by hand, at least through line 9 or 11 of the federal, and line 9 or 13 of MA, is doable and may be very helpful.
Basically, to get out of getting penalized for not having paid enough for earlier payments going by the strictly 25% per payment method .... you have to determine what your income tax would have been at the time of each of those payment periods and show that you'd made sufficient payments through each of those time periods.
Statistics: Posted by vnatale — Wed Mar 06, 2024 6:19 pm — Replies 2 — Views 158