Thank you all for your reply. They are very helpful.


Sam

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ssmilemonkey[at]hotmail.com (Sam Hou) wrote:

- quote -

Sam: Increase your withholding to just more than your tax
last year (110% if your AGI last year was over $150,000).
Then pay the rest with you taxes in April 2004. Don't pay
an estimate unless you are prepared to file form 2210
Schedule AI which requires you to know your income and
expenses and deductions by each tax quarter (a pain in
the a--).

Ed

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ssmilemonkey[at]hotmail.com (Sam Hou) wrote:

- quote -

They're not normally supposed to, so there's nothing strange
there.

- quote -

Either solution would prevent a penalty. There's a line on
the W-4 where you can request additional tax be withheld.
However, since we're coming close to the end of the year,
you'd better do this quickly, to make sure that the change
is processed in time.

--
Barry Margolin, barmar[at]alum.mit.edu
Level(3) Communications, Woburn, MA

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ssmilemonkey[at]hotmail.com (Sam Hou) writes:

- quote -

Sam, as long as you have paid in as much as was last year's
tax (or 110% if your income exceeded $150,000), or you have
paid in at least 90% of what will be your current year's
tax, or you will owe less than $1000 on the current year
return, there is no penalty. If you think you can't meet
that criteria, and you would rather not file Estimated
Taxes, you may ask your employer to withhold an additional
amount from your pay.

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

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Hope someone can give me some hints. My wife has some short
term capital gains from the stock market this year.
However, her financial institute doesn't withheld tax for
those gains. I don't want to pay panelty on next 4/15
because of not enought tax withhold. What is my options?
Do I need to file the estimated tax by the end of this year.
Can I ask my company to withhold more tax from my pay check
in the rest of this year?

Thank you in advance.

Sam

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