Thanks for the responses.
I am not going to file Estimated Taxes. I will just play with my withholding at my regular job if necessary. I plugged the numbers into my spreadsheet, simulating my tax situation for this year. It says I will owe the Feds $730 (not worried because my State refund will cover this amount) Instructions for 1040 Line 77 says. "You may owe this penalty if:" (1) Line 76 is at least $1,000...or (2) You did not pay enough estimated tax by any of the due dates. This is true even if you are due a refund.
I am obiously good on #1 because the amount I owe is under $1,000 It is #2 I am worried about. I am not going to pay any estimated taxes. But is the IRS going to say I should have, and then penalize me for not doing so? Thanks,
Chris
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