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Personal Finance and Investing

twodogsbarking

(12,351 posts)

1. I think the form will ask when you got the money and them match it to the quarter.

Reply to question everything (Original post)

Tue Feb 13, 2024, 07:47 PM

Feb 2024

They don't want people taking the money early in the year and paying the tax later. Oddly enough if you have all of your W2 withholding at the end of the year they don't test (unless this has changed). When you withdraw (or convert) tax deferred investments they look at the time frames. Get the IRS form and follow the instructions to see how it works out. Hope this makes sense. Good luck.

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A Tax Question: Why Did I Get a Refund and an Underpayment Penalty? [View all] question everything Feb 2024 OP

I think the form will ask when you got the money and them match it to the quarter. twodogsbarking Feb 2024 #1

Interesting, that happened to us with massive capital gains paid out in December a few years ago Freethinker65 Feb 2024 #2

Thanks for that. I made an estimated payment at the end of 2022, but it still wasn't enough. mahatmakanejeeves Feb 2024 #3