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I took a one time distribution from my IRA in 2017. It ran…

I took a one...

I took a one time distribution from my IRA in 2017. It ran my income up and resulted in a hefty tax bill.

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For 2018, I will have lower income , do I have to pay quarterly taxes based on 2017 income or can I send payments based on anticipated 2018 income?

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3/25/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,613
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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You are not required to make estimated tax payments except on your anticipated tax liability for 2018 (your income in 2018).

As long as you pay at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller, you will not have a penalty for underpayment of tax when you file for 2018.

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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,613
Experience: 15years with H & R Block. Divisional leader, Instructor
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Category: Tax
Satisfied Customers: 17,613
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Experience: 15years with H & R Block. Divisional leader, Instructor

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