"David Ching" <dc[at]remove-this.dcsoft.com> wrote:
- quote -

I think TurboTax blindly prints out ES forms without
bothering to determine whether you even want them. It does
that for me every year and it's one of my pet peeves (along
with its tendency to prompt me to save before quitting every
time whether or not I've made changes.) Injket cartridges
don't come for free, Intuit, gimme a way to opt out of this.

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"Barry Margolin" <barmar[at]alum.mit.edu> wrote:

- quote -

Lol, thanks all for the great advice! You folks have a lot
of fun here! I found the screens in TurboTax to explain the
estimated tax. It had automatically selected computing 2005
Estimated Tax Vouchers based on "100% (110%) of my actual
2004 federal taxes - the safest method".

I'll just alter my W-2 to withhold more in 2005 and not use
the estimated tax payments. Into the circular file they go.

My situation in 2005 is that I will have to pay more,
because in 2004 I switched jobs mid-year and social security
tax was taken twice, so I got about $5K refund from that.
Since that won't apply in 2005, I won't have that offset.

Thanks again,
David

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"David Ching" <dc[at]remove-this.dcsoft.com> wrote:

[snip]

- quote -

Oops, I meant it said to mail the estimated payments at
various times throughout 2005. So this year, it wants me to
pay estimated taxes when I got a refund last year. Strange,
huh?

Thanks,
David

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David Ching wrote:

- quote -

Very simple - File 13, circular container or shredder.

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- quote -

Put them in your shredder.

However, the fact that you got a refund for 2004 does not
necessarily mean that you don't have to pay estimated tax
for 2005. If you don't expect any significant changes in
income, deductions, withholding, etc., you are probably OK.
But, before you shred the estimated tax forms, take a couple
of minutes to think about whether anything is going to be
different this year that might affect the amount of tax you
will owe.

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"David Ching" <dc[at]remove-this.dcsoft.com> wrote:

- quote -

Getting a refund on your 2004 taxes has no relationship to
whether you need to pay estimated taxes in 2005. If your
2005 withholding won't enough to meet your estimated tax
obligation in 2005, you need to either increase your
withholding or pay estimated taxes to make up the
difference. Just because you overwithheld last year doesn't
mean you're going to do so this year.

You should be able to get TurboTax to tell you where those
numbers came from. Open up one of the estimated tax forms,
select the field that shows how much you're supposed to pay,
and use the Data Source menu command to see what fed into
it.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA

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"David Ching" <dc[at]remove-this.dcsoft.com> wrote:

- quote -

They're great for papering holes in your bathroom wall.

--
Phil Marti
Clarksburg, MD

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"David Ching" <dc[at]remove-this.dcsoft.com> wrote:

- quote -

consider hiring a professional to assist you with your
estimated tax (and other tax) issues, the logic you are
attempting in your post may be inconsistent with how tax law
applies, but without knowing the specifics this is only
speculation at this point...

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Hello, I successfully finished my 2004 taxes with TurboTax,
and I am getting a significant refund. However, for some
inexplicable reason, TurboTax printed out 4 estimated tax
forms, each roughly 1/4 my refund amount, and said to mail
them at various times throughout 2004. Why would it do
that? After getting a refund, I don't think I need to or
should be obligated to pay estimated tax for the next year,
nor do I remember (and I have triple checked) that I
answered any question that indicated I wanted to pay
estimated tax.

Any ideas on what I should do with those estimated tax
forms? Other than pay them, of course!

Thanks,
David

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