Does an unplanned 4th quarter 2023 extra income require additional Colorado Estimated tax payment?
We have to cash an I-Bond on Oct. 2, 2023, resulting in a large increase in our taxable income. Our new Colorado taxable income will result in about $1,100 to $1,200 MORE than we have already paid out in 2023 through estimated Colorado tax payments for CY2023. We paid 100% of the previous year's tax liability in a timely manner and always file jointly. COLORADO DEPARTMENT OF REVENUE states: "The estimated tax penalty will not be assessed if the Colorado tax liability is less than $5,000." IS THIS TRUE? OR, do we need to file an ADDITIONAL Estimated tax payment before the end of CY2023; if so when is the deadline? Our total Colorado 2023 tax liability will be LESS than $5,000. Please verify. Thank you.
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