|
#2
08-17-2003, 04:17 AM
| |||
| |||
 Re: Quarterly payments required? "ed" <ed[at]edcosoft.com> wrote: - quote - > "OK" <ok[at]ono.com> wrote:
Be very careful that your 2003 withholding is enough. With> > I owed a large amount of federal taxes last year. Am I > > correct that I don't need to make quarterly payments as long > > as I adjusted my withholding to equal what I owed last year? > > The IRS just sent me the quarterly forms and they make it > > sound like I must make the September and December payments. > > I expect to owe them a large amount again this year but am > > having enough withheld to equal 100% of last year's > > liability. > Don't pay 2 late-year estimates. You're doing the right > thing by adjusting withholding, however, it should be 110% > of last year's tax if your AGI was over $150,000 last year. > 90% of this year's tax works also and depending on whether > you have LTCGs and/or Qualified Dividends and/or are > married, your taxes this year should be lower than last > year. the tax changes the withholding has dropped. Lots of folks that thought their withholding would be the same as last years when computing their estimates are in for a nasty surprise. -- Jo Firey "Life is not measured by the number of breaths we take, but by the moments that take our breath away." << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#1
08-15-2003, 12:45 AM
| |||
| |||
| Re: Quarterly payments required? "OK" <ok[at]ono.com> wrote: - quote - > I owed a large amount of federal taxes last year. Am I
At least 100% of last year's tax or 90% of this year's tax> correct that I don't need to make quarterly payments as long > as I adjusted my withholding to equal what I owed last year? and you're normally safe from penalties for underwithholding. -- Barry Margolin, barmar[at]alum.mit.edu Level(3) Communicaions, Woburn, MA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
08-15-2003, 12:26 AM
| |||
| |||
| Re: Quarterly payments required? "OK" <ok[at]ono.com> wrote: - quote - > I owed a large amount of federal taxes last year. Am I
Don't pay 2 late-year estimates. You're doing the right> correct that I don't need to make quarterly payments as long > as I adjusted my withholding to equal what I owed last year? > The IRS just sent me the quarterly forms and they make it > sound like I must make the September and December payments. > I expect to owe them a large amount again this year but am > having enough withheld to equal 100% of last year's > liability. thing by adjusting withholding, however, it should be 110% of last year's tax if your AGI was over $150,000 last year. 90% of this year's tax works also and depending on whether you have LTCGs and/or Qualified Dividends and/or are married, your taxes this year should be lower than last year. Ed << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#-1
08-13-2003, 12:12 PM
| |||
| |||
| Quarterly payments required? I owed a large amount of federal taxes last year. Am I correct that I don't need to make quarterly payments as long as I adjusted my withholding to equal what I owed last year? The IRS just sent me the quarterly forms and they make it sound like I must make the September and December payments. I expect to owe them a large amount again this year but am having enough withheld to equal 100% of last year's liability. Thanks in advance. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| payments, quarterly, required |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Quarterly tax payments. iebfr14: Will money actually help me make quarterly tax payments to the Feds and state. I know it helps calculate them but will it actually help fill out... | Microsoft Money | 3 | 03-09-2008 12:14 PM | |
| 'Balancing' 401k fund through quarterly statement Tom: I have an employer 401K that cannot be updated via auto-update (i.e. their mutual fund offerings are internal and do not have a 'real' stock ticker... | Microsoft Money | 3 | 01-20-2006 04:48 PM | |
| Uprade required? browndk26: I read an article last night that said if you don't upgrade money every two years you won't be able to download bank statements anymore. I did not... | Microsoft Money | 8 | 07-07-2005 01:42 AM | |
| Money 2001 Budgeting for Quarterly Bills scuba2447: I've just started using Money '01 to organize my bills and track a budget. I've set up a number of reoccurring bills that are paid quarterly (e.g.... | Microsoft Money | 1 | 10-16-2003 02:18 PM | |
| MVP Help Required Dale Holden: Hi I have tries adding classifications for some rental properties I own, no problem. My previous way was to enter the details as follows... | Microsoft Money | 2 | 08-31-2003 03:09 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
