Dennis Marks wrote:
- quote -

I'll repeat what I said: the gov't doesn't care whether your
withholding is periodic or in a lump sum. They also don't
care if it comes from salary, pension, SSA benefits, IRAs,
etc. As long as your withholding covers 90% you are whole.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"Dennis Marks" <denmarks[at]yahoo.com> wrote:

- quote -

This is an option that's available with pensions, but not
with wages. Everything you're doing is fine.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

A.G. Kalman wrote the following and I, Dennis
Marks, have replied at the bottom:
- quote -

I'm actually the one who is doing the payroll on the part
time job. Based on my pay, status and allowances there is no
tax withheld. I was really concerned about my pension (not
SS) where I have no tax withheld. I do not claim that I am
exempt, I just state no tax to be withheld. My one time IRA
withdrawal and withheld tax covers everything.

--
Dennis M. Marks

Disclaimer: The above is my opinion. I do not guarantee it.
Be sure to back up any files involved and use at your own
risk. Batteries not included. Not for internal use. Don't
run with knives.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Dennis Marks wrote:

- quote -

There is no problem as the gov't doesn't care if your
withholding is periodic or a lump-sum if the amount withheld
is at least 90% of what you owe.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Dennis Marks wrote:

- quote -

That method is acceptable and much better than paying an
estimate.

ed

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

denmarks[at]yahoo.com (Dennis=A0Marks) posted:

- quote -

That's fine. So long as the IRS payment is as much or more
than the total tax due, you should have no problem.

Bill

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"Dennis Marks" <denmarks[at]yahoo.com> wrote:

- quote -

don't forget to pay in any state or local income taxes

as long as you pay in enough money, the irs won't care if
its withholding or quarterly estimates

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << If you want a professional tax opinion, you are advised > << to contact a Certified Public Accountant, an Enrolled > << Agent, or a Tax Attorney. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"Dennis Marks" <denmarks[at]yahoo.com> wrote:

- quote -

There's no problem regarding an ES penalty.

There is a problem, albeit technical, if you're claiming
exemption from withholding on your part-time job. You
can't. You can, however, boost your withholding allowances
on the W-4 to achieve the same effect.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

This is probably the reverse of some tax withholding
questions that I have seen. I receive social security, a
small pension, and income from a very part time job. There
is no tax withheld from any of these incomes. I have a
single lump IRA withdrawal. I withhold enough tax from that
payment to cover all of the taxes due. Do you see any
problem there?

--
Dennis M. Marks

Disclaimer: The above is my opinion. I do not guarantee it.
Be sure to back up any files involved and use at your own
risk. Batteries not included. Not for internal use. Don't
run with knives.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >