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

I'm not sure about that. Payroll witholding is credited
either evenly per period (regardless of when it is withheld)
or as actually paid per period (if you fill out the long
part of 2210). If you have large non-payroll income in the
first quarter, you can withhold enough total for the year
and still pay a penalty, I think.

Steve

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

You're right. Scratch what I said above.

Steve

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spope33[at]speedymail.org (Steve Pope) wrote:

- quote -

I don't think so. Payroll withholding is always considered
to satisfy all the quarterly tax requirements. If you look
at Form 2210, which is used to compute the underwithholding
penalty, you'll see that there can't be any penalty if your
withholding is greater than the tax liability.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA
*** PLEASE don't copy me on replies, I'll read them in the group ***

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xyzzy.dude[at]gmail.com wrote:

- quote -

Yes. You can quite properly do what you suggest.

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xyzzy.dude[at]gmail.com wrote:

- quote -

Yes it does. If you find in the future that you need to
send in more money, you may have some withheld from her
pension. A form w-4P is to be sent in to the payers.

Missy Doyle

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xyzzy.dude[at]gmail.com> wrote:

- quote -

If you withhold enough, then yes you will not have to pay
anything on Jan 15 or April 15 of the following year.

But it can also work out so that you will show as owing a
penalty, particularly if your total income is not even
throughout the year. If this happens, it is best to have
retained certain paycheck stubs so that you can figure out
if you can avoid some or all the penalty.

These are the paycheck stubs dated on, or on the nearest
earlier date to, March 31, April 15, May 31, June 15, August
31, September 15. (It may be easier just to save them all.)

Steve

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xyzzy.dude[at]gmail.com wrote:

- quote -

Yes!

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zyzzy.dude[at]gmail.com wrote Re Can

I overwithhold to avoid filing quarterly?:

- quote -

Yes

--
To email me directly, remove CLUTTER.

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xyzzy.dude[at]gmail.com wrote:

- quote -

Sure, as long as you are filing Married Filing Joint,
withholding from either partner is acceptable. Alternately,
she can have withholding taken out of her pension payment.
To do this, she will file a W-4P form with the payor.

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xyzzy.dude[at]gmail.com posted:

- quote -

Yes, that's OK. Their are certain safe havens: For
example, having w/h that totals as much as the previous
year's total tax due (or 110% of amount due, if your AGI
exceeds $150K).

Your wife could also request w/h from her pension payments
-- looking ahead to the days when you're no longer a wage
earner, as could you when that time arrrives.

Bill

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xyzzy.dude[at]gmail.com wrote:

- quote -

Yes. The IRS doesn't care whether they receive the tax
quarterly or withheld from every paycheck, as long as they
receive it.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA
*** PLEASE don't copy me on replies, I'll read them in the group ***

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<xyzzy.dude[at]gmail.com> wrote:

- quote -

Yes.

Also if you prefer, She can have federal income tax (and in
some states, state income tax) withheld from her pension, by
filing form W-4P with her pension payer.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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My wife recently retired, and is receiving pension income.
I'm still a wage earner. We'd really rather not do
quarterly filing on her pension payments, and I've
calculated that I am overwithholding enough on my wages to
cover the tax liability on her pension. Does this get us
out of having to do quarterly filing and payments, since we
will not owe money at the end of the tax year?

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