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#2
09-06-2004, 08:45 PM
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 Re: Federal & CA safe harbors for 2004 estimated taxes Bhoot Nath wrote: - quote - > Q2. What is the threshold for year 2004 for CALIFORNIA
It changed this year to something similar to> state income taxes? > X% of this year ... X = ? > Y% of last year ... Y = ? the Federal rules, but there was a drafting error. It appears that, if you had a CA tax refund last year, you're exempt from the estimated tax penalty for this year. -- This account is subject to a persistent MS Blaster and SWEN attack. I think I've got the problem resolved, but, if you E-mail me and it bounces, a second try might work. However, please reply in newsgroup. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
09-01-2004, 11:20 PM
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| Re: Federal & CA safe harbors for 2004 estimated taxes deja_bhoot2000[at]yahoo.com (Bhoot Nath) wrote: - quote - > I adjust my withholdings around this time of the year to
Actually, it is 90% of this year's ACTUAL TAXES. A third> make sure that the projected total withholding for the year > is > (a) At least equal to last year's actual income taxes > (b) At least 90% of this year's estimated taxes safe harbor is to owe LESS than $1,000 of additional tax at filing. - quote - > Starting a couple of years ago, the situation got tricky.
I think you misunderstood the "safe harbor". If you AGI in> Congress changed the threshold to 105%, then 107.8% (?), > then 110% ??? the previous year was less than $150,000, the 100% limit applies. If your AGI was over $150,000, the higher percentage applies. I believe it is 110% for 2004. - quote - > Q1. What is the safe harbor for year 2004 for FEDERAL
100% of 2003 tax liability, or 110% if AGI was over $150,000> income taxes? in 2003. - quote - > Q2. What is the threshold for year 2004 for CALIFORNIA
I have no idea. Contact the FTB for guidance, at your state> state income taxes? website. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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09-01-2004, 09:45 PM
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| Re: Federal & CA safe harbors for 2004 estimated taxes deja_bhoot2000[at]yahoo.com (Bhoot Nath) wrote: - quote - > I adjust my withholdings around this time of the year to
Actually, it is 90% of this year's ACTUAL TAXES. A third> make sure that the projected total withholding for the year > is > (a) At least equal to last year's actual income taxes > (b) At least 90% of this year's estimated taxes safe harbor is to owe LESS than $1,000 of additional tax at filing. - quote - > Starting a couple of years ago, the situation got tricky.
I think you misunderstood the "safe harbor". If you AGI in> Congress changed the threshold to 105%, then 107.8% (?), > then 110% ??? the previous year was less than $150,000, the 100% limit applies. If your AGI was over $150,000, the higher percentage applies. I believe it is 110% for 2004. - quote - > Q1. What is the safe harbor for year 2004 for FEDERAL
100% of 2003 tax liability, or 110% if AGI was over $150,000> income taxes? in 2003. - quote - > Q2. What is the threshold for year 2004 for CALIFORNIA
I have no idea. Contact the FTB for guidance, at your state> state income taxes? website. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
08-27-2004, 10:45 PM
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| Federal & CA safe harbors for 2004 estimated taxes I adjust my withholdings around this time of the year to make sure that the projected total withholding for the year is (a) At least equal to last year's actual income taxes (b) At least 90% of this year's estimated taxes Starting a couple of years ago, the situation got tricky. Congress changed the threshold to 105%, then 107.8% (?), then 110% ??? Q1. What is the safe harbor for year 2004 for FEDERAL income taxes? Q2. What is the threshold for year 2004 for CALIFORNIA state income taxes? X% of this year ... X = ? Y% of last year ... Y = ? Thanks a lot for your assistance. Bhoot Nath << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 2004, estimated, federal, harbors, safe, taxes |
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