audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I think the OP was done anyway.
In terms of using prior year taxes safe harbor, if I go into what I expect will be a low taxable income year after a high taxable income year, I switch to the annualized income (AI) method of calculating and paying estimated taxes. This method tracks your actual income YTD at the end of each tax quarter, uses that to estimate total year income, and pays a prorated amount for estimated taxes each quarter. This method almost always requires filing form 2210. It’s more of a pain each quarter, but not nearly as painful as way overpaying estimated taxes and waiting on a big refund.
In terms of using prior year taxes safe harbor, if I go into what I expect will be a low taxable income year after a high taxable income year, I switch to the annualized income (AI) method of calculating and paying estimated taxes. This method tracks your actual income YTD at the end of each tax quarter, uses that to estimate total year income, and pays a prorated amount for estimated taxes each quarter. This method almost always requires filing form 2210. It’s more of a pain each quarter, but not nearly as painful as way overpaying estimated taxes and waiting on a big refund.