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#3
09-10-2003, 06:59 AM
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 Re: 2210 AI Question "Wayne Brasch" <waynebrasch[at]stowetel.com> wrote: - quote - > "ed" <ed[at]edcosoft.com> wrote:
A 2210 calculator computes the amount of installments due> > "Stewart Rowe" <srowe[at]fuse.net> wrote: > > > My income, year-to-date, is about 75% dividends and 25% > > > other income (interest, part of Social Security, etc.). In > > > the absence of updated forms, the naive way to figure taxes > > > would be (dealing with "annualized" amounts for the third > > > period estimate) to handle the dividends as the forms have > > > handled capital gains for years. This has the effect of > > > subtracting all the annualized deductions from the > > > non-dividend income, in effect further reducing the > > > effective rate on that income. It also generates some > > > unbelievable results in certain periods. > > > > > Sure, they'll get me some with AMT, but does anyone have a > > > clue on how this is to be handled in the regular tax > > > calculation? > > The IRS is slow in getting correct or sufficient information > > onto their web site to do this. Put * 2210 tax calculator > > * into any search engine to find a calculator for your > > installments. Ed > Form 2210 calculates penalties that may apply because of the > failure to correctly make estimated tax payments. I does not > calculate the estimated tax payments themselves. that will just satisfy form 2210 for no penalties. That's usually MUCH lower than 1/4 of 110% of last year's tax, particularly this year. Publication 505 tries to step you through the process but is woefully inadequate and a LOT of manual calculations. You don't need to compute the penalty until next April. Ed << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
09-09-2003, 05:53 AM
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| Re: 2210 AI Question "ed" <ed[at]edcosoft.com> wrote: - quote - > "Stewart Rowe" <srowe[at]fuse.net> wrote:
Form 2210 calculates penalties that may apply because of the> > My income, year-to-date, is about 75% dividends and 25% > > other income (interest, part of Social Security, etc.). In > > the absence of updated forms, the naive way to figure taxes > > would be (dealing with "annualized" amounts for the third > > period estimate) to handle the dividends as the forms have > > handled capital gains for years. This has the effect of > > subtracting all the annualized deductions from the > > non-dividend income, in effect further reducing the > > effective rate on that income. It also generates some > > unbelievable results in certain periods. > > > Sure, they'll get me some with AMT, but does anyone have a > > clue on how this is to be handled in the regular tax > > calculation? > The IRS is slow in getting correct or sufficient information > onto their web site to do this. Put * 2210 tax calculator > * into any search engine to find a calculator for your > installments. Ed failure to correctly make estimated tax payments. I does not calculate the estimated tax payments themselves. Wayne Brasch, CPA, M. S. Taxation << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
09-09-2003, 05:34 AM
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| Re: 2210 AI Question "ed" <ed[at]edcosoft.com> wrote: - quote - > "Stewart Rowe" <srowe[at]fuse.net> wrote:
Form 2210 calculates penalties that may apply because of the> > My income, year-to-date, is about 75% dividends and 25% > > other income (interest, part of Social Security, etc.). In > > the absence of updated forms, the naive way to figure taxes > > would be (dealing with "annualized" amounts for the third > > period estimate) to handle the dividends as the forms have > > handled capital gains for years. This has the effect of > > subtracting all the annualized deductions from the > > non-dividend income, in effect further reducing the > > effective rate on that income. It also generates some > > unbelievable results in certain periods. > > > Sure, they'll get me some with AMT, but does anyone have a > > clue on how this is to be handled in the regular tax > > calculation? > The IRS is slow in getting correct or sufficient information > onto their web site to do this. Put * 2210 tax calculator > * into any search engine to find a calculator for your > installments. Ed failure to correctly make estimated tax payments. I does not calculate the estimated tax payments themselves. Wayne Brasch, CPA, M. S. Taxation << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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09-08-2003, 02:30 AM
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| Re: 2210 AI Question "Stewart Rowe" <srowe[at]fuse.net> wrote: - quote - > My income, year-to-date, is about 75% dividends and 25%
The IRS is slow in getting correct or sufficient information> other income (interest, part of Social Security, etc.). In > the absence of updated forms, the naive way to figure taxes > would be (dealing with "annualized" amounts for the third > period estimate) to handle the dividends as the forms have > handled capital gains for years. This has the effect of > subtracting all the annualized deductions from the > non-dividend income, in effect further reducing the > effective rate on that income. It also generates some > unbelievable results in certain periods. > Sure, they'll get me some with AMT, but does anyone have a > clue on how this is to be handled in the regular tax > calculation? onto their web site to do this. Put * 2210 tax calculator * into any search engine to find a calculator for your installments. Ed << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
09-07-2003, 06:14 AM
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| 2210 AI Question My income, year-to-date, is about 75% dividends and 25% other income (interest, part of Social Security, etc.). In the absence of updated forms, the naive way to figure taxes would be (dealing with "annualized" amounts for the third period estimate) to handle the dividends as the forms have handled capital gains for years. This has the effect of subtracting all the annualized deductions from the non-dividend income, in effect further reducing the effective rate on that income. It also generates some unbelievable results in certain periods. Sure, they'll get me some with AMT, but does anyone have a clue on how this is to be handled in the regular tax calculation? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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