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Old 04-15-2007, 05:22 PM
James Lewis
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Default Re: How to report quarterly estimated FIT paid?

"Seeker" <seeker[at]nowayno.how> wrote:

- quote -

> I hope someone will kindly help me with a question. My
> husband and I file jointly. He is still working and last
> year I drew Soc. Sec. Since we didn't withhold anything, we
> ended up having to make a substantial payment with the
> return. I'm just thankful they didn't sock us with a
> penalty. So now this is the first year we've ever had to
> send checks to the IRS on a quarterly basis. The IRS didn't
> send me any form to submit with our FIT tax return allowing
> for the payments. Now I am using Turbo Tax to do our return
> and I don't see a place to report the payments.
> Can anyone tell me how to go about reporting the payments on
> Turbo Tax?


I've used Turbo Tax and it has an Estimated Tax option to
print 4 quarterly 1040ES forms. You may also just download
the form off of the irs.gov website.

Mike

<< ------------------------------------------------------- > << 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 posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >
  #1  
Old 04-15-2007, 05:22 PM
Bill
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Posts: n/a
Default Re: How to report quarterly estimated FIT paid?

seeker[at]nowayno.how (Seeker) asked:

- quote -

> I hope someone will kindly help me with a
> question. My husband and I file jointly. He is
> still working and last year I drew Soc. Sec.
> Since we didn't withhold anything, we ended
> up having to make a substantial payment with
> the return. I'm just thankful they didn't sock us
> with a penalty. So now this is the first year
> we've ever had to send checks to the IRS on a
> quarterly basis. The IRS didn't send me any
> form to submit with our FIT tax return allowing
> for the payments. Now I am using Turbo Tax
> to do our return and I don't see a place to
> report the payments.


You can always go to http://www.irs.gov, and download Form
1040-ES. This not only has a worksheet to determine how much
your payments should be, but also includes four numbered
vouchers. You should fill out #l -- due April 17 -- and
send it off promptly with a check for the correct amount.
The 1040-ES will also provide the correct address.

Once you've sent the first payment, the IRS will respond by
sending you preprinted vouchers for the 2d, 3d and 4th
payments.

- quote -

> Can anyone tell me how to go about reporting
> the payments on Turbo Tax?


Sorry, not familiar with TT. On TaxWise, we could either
schedule a direct w/d from TPs checking via ACH for the
first periodic payment - thereby triggering the voucher
supply ... or we could simply bring up Form 1040-ES, and
either fill it in, or simply print it off with the TPs info,
and separately provide the TP with a recommended payment
amount per period, based on the income involved.

Hope this helps.

Bill

<< ------------------------------------------------------- > << 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 posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >
 
Old 04-15-2007, 05:22 PM
joetaxpayer
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Posts: n/a
Default Re: How to report quarterly estimated FIT paid?

Seeker wrote:

- quote -

> I hope someone will kindly help me with a question. My
> husband and I file jointly. He is still working and last
> year I drew Soc. Sec. Since we didn't withhold anything, we
> ended up having to make a substantial payment with the
> return. I'm just thankful they didn't sock us with a
> penalty. So now this is the first year we've ever had to
> send checks to the IRS on a quarterly basis. The IRS didn't
> send me any form to submit with our FIT tax return allowing
> for the payments. Now I am using Turbo Tax to do our return
> and I don't see a place to report the payments.
> Can anyone tell me how to go about reporting the payments on
> Turbo Tax?
> Many thanks in advance.
> Sharon


Forms> Open Form> Show All Forms> Tax Payment Worksheet

It's a "keep for your records" form where you list the
quarterly payments you made for the past tax year.

JOE

<< ------------------------------------------------------- > << 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 posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >
  #-1  
Old 04-14-2007, 03:29 AM
Seeker
Guest
 
Posts: n/a
Default How to report quarterly estimated FIT paid?

I hope someone will kindly help me with a question. My
husband and I file jointly. He is still working and last
year I drew Soc. Sec. Since we didn't withhold anything, we
ended up having to make a substantial payment with the
return. I'm just thankful they didn't sock us with a
penalty. So now this is the first year we've ever had to
send checks to the IRS on a quarterly basis. The IRS didn't
send me any form to submit with our FIT tax return allowing
for the payments. Now I am using Turbo Tax to do our return
and I don't see a place to report the payments.

Can anyone tell me how to go about reporting the payments on
Turbo Tax?

Many thanks in advance.
Sharon

<< ------------------------------------------------------- > << 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 posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >
 

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