<Zarloth[at]yahoo.com> wrote

- quote -

Your estimated tax payment made in January (or later as the
case is at times) is credited toward the year in which it is
actually being made for. Report the January payment along
with the other payment (if any) on your tax return.

Now, for the state tax paid deduction, you go by when the
tax was actually paid, so for the deduction on Schedule A,
you go by when the check was actually written. The January
payment for 2004, and the three quarters of 2005 state tax
are taken on Schedule A. You would only add the fourth
quarter state if you paid it in December.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

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<Zarloth[at]yahoo.com> wrote:

- quote -

I always keep things simple by paying the estimated payments
12/31 so my computer spits out the info in the correct tax
year.

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The payment is posted on the IRS computers on your 2005 tax
account and will show a payment received date of Jan 15,
2006 (or the actual date if received late).

Rudy
www.LizcanoTaxServicesLLC.com

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<Zarloth[at]yahoo.com> wrote:

- quote -

Are you asking for what year's tax liability will the
payment be applied against, or are you asking in what year
should you take the deduction on Schedule A (for state or
local tax payments made)?

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Zarloth[at]yahoo.com wrote:

- quote -

Like the 2005 tax return that is being filed in 2006, the
estimate for 2005 fourth quarter is due in January, giving
you about 2 weeks to send it in. The IRS always gives you
time to send in either estimates or tax returns. The
January estimate is for the year of 2005.

Missy Doyle

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Zarloth[at]yahoo.com wrote:

- quote -

Assuming you are talking about FEDERAL tax payments, you are
correct. STATE tax payments made in January are not
deductible until you file your federal tax return for that
year.

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arloth[at]yahoo.com wrote:

- quote -

Well, I'm not a tax pro, but will give this a try :-)

If you mean an estimated Federal tax payment it is credited
against the tax year for which it is associated. There is no
deduction to consider.

If you mean an estimated State tax payment, it is also
credited against the tax year for which it is associated for
State income tax purposes, but is a Federal deduction in the
year paid.

--
Vic Roberts
Replace xxx with vdr in e-mail address.

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- quote -

Correct, your referring to the Federal Estimated tax payment.

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<Zarloth[at]yahoo.com> wrote:

- quote -

The Jan 15 estimated tax payment is being made for the prior
year, not for the year it is being made. Therefore, you
1/15/06 estimated payment was an estimated payment to be
applied to your 2005 tax liability. This is the same for
federal and state purposes.

However, if your underlying question is "when do I get to
deduct my state estimated payment made in January for
federal purposes", then the answer depends on whether you're
a cash or accrual basis taxpayer. If you're a business
taxpayer on the accrual basis, the deduction is for 2005, if
you're talking about your individual estimate payment or
that of a business on the cash basis, then you deduct it in
2006 tax year, i.e., the year the payment was made.

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- quote -

A federal estimated tax payment is treated by the IRS as a
tax payment for the year for which it is associated.

A state estimated tax payment is also treated by the state
authority as tax payment for the year for which it is
associated, but is deductible on the Federal Schedule A in
the year in which it is actually paid.

--
Don EA in Upstate NY

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<Zarloth[at]yahoo.com> wrote:

- quote -

A 2005 Federal estimated tax payment in January 2006 is
shown as a payment on your 2005 Federal return.

A 2005 state ES payment in Jan '06 is shown as a payment on
your 2005 state return.

A 2005 state ES payment in Jan '06 is shown as a Federal
Schedule A deduction on your 2006 [sic] return. If you wind
up with a state refund for '06, see IRS Publication 525 for
instructions on how to report the refund and January '06
state ES payment.

If your state allows a deduction for Federal taxes, see your
state's instructions.

--
Phil Marti
Clarksburg, MD

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It is treated as tax payments for the year for which it is
associated, not the year in which it is actually paid,
correct?

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