Personal Finance (Not Investing) • Newbie to Estimated Taxes

To make updates for 2024, would I need to basically update the tax table sheet in that spreadsheet? Any other changes?

I haven't looked at it in a few years. I forget if the author precomputes the tax table, or if the table is computed from tax rates. The IRS document only lists the tax brackets and rates. A tax table can be computed knowing the rates - it is the tax on the amount in middle of each slice.

You also need to update various constants. Such as the standard deduction, bend points for capital gains and AMT, and so on.

So do 4 tax returns with income earned so far/deductions so far? Or assume the income earned/deductions will remain steady for the year and simply pay a percentage of assumed total tax? I need to read some more forum posts and take notes I think.

If it stays steady, that greatly simplifies the issue - check form 1040-ES. If uneven, then yes, do four returns with the data "so far".

Statistics: Posted by boomer_techie — Fri Mar 01, 2024 2:08 am — Replies 4 — Views 485

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