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| "AlPastor" <pjtallman[at]sbcglobal.net> wrote in message news:ddce3364-6fdf-4b97-802d-adc2c3644fe1[at]e25g2000prg.googlegroups.com... - quote - > My mom pays estimated taxes. She makes the entire years payment with > the first payment. Over the last 6 weeks she has had to move into a > dementia care unit and we needed to raise funds. We cashed out an > annuity that had accumulated approx. $10k in tax deferred interest. I > do not believe the estimated taxes will be enough to cover this > unexpected gain and I would like to make an additional $2k payment to > the IRS to cover this deferred interest. > My question is how to do this? I have tried googling but can't seem to > find the information. Can I just create another 1040-ES form with > TurboTax and pay it using the 4th Quarter payment even though she has > already paid the estimated taxes for the year including all coupons > with the 1st payment? Is there another form I should use? > Thank you very much in advance for any help. > --Pat You can certainly use a 1040ES voucher for the 4th quarter. But, you might want to see if you ----> need <---- to pay now, or can wait until Apr 15th to pay the balance Check the estimated tax & underpayment rules. ___________________________________ <<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <----- "This written advice was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer." (The foregoing legend has been affixed pursuant to U.S. Treasury Regulations governing tax practice.) The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. |
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| "AlPastor" <pjtallman[at]sbcglobal.net> wrote - quote - > My mom pays estimated taxes. She makes the entire years payment with > the first payment. Over the last 6 weeks she has had to move into a > dementia care unit and we needed to raise funds. We cashed out an > annuity that had accumulated approx. $10k in tax deferred interest. I > do not believe the estimated taxes will be enough to cover this > unexpected gain and I would like to make an additional $2k payment to > the IRS to cover this deferred interest. > My question is how to do this? I have tried googling but can't seem to > find the information. Can I just create another 1040-ES form with > TurboTax and pay it using the 4th Quarter payment even though she has > already paid the estimated taxes for the year including all coupons > with the 1st payment? Is there another form I should use? The 4th quarter 1040ES works great - use it. -- Paul A. Thomas, CPA Athens, Georgia |
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| In article <ddce3364-6fdf-4b97-802d-adc2c3644fe1[at]e25g2000prg.googlegroups.com> , AlPastor <pjtallman[at]sbcglobal.net> wrote: - quote - > My mom pays estimated taxes. She makes the entire years payment with > the first payment. Over the last 6 weeks she has had to move into a > dementia care unit and we needed to raise funds. We cashed out an > annuity that had accumulated approx. $10k in tax deferred interest. I > do not believe the estimated taxes will be enough to cover this > unexpected gain and I would like to make an additional $2k payment to > the IRS to cover this deferred interest. > My question is how to do this? I have tried googling but can't seem to > find the information. Can I just create another 1040-ES form with > TurboTax and pay it using the 4th Quarter payment even though she has > already paid the estimated taxes for the year including all coupons > with the 1st payment? Is there another form I should use? > Thank you very much in advance for any help. Yes, that will work just fine. Realize that if her timely paid quarterly estimates equal 100% of last years tax (110% if last years AGI is over $150,000) then additional estimates are not required. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH |
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| My mom pays estimated taxes. She makes the entire years payment with the first payment. Over the last 6 weeks she has had to move into a dementia care unit and we needed to raise funds. We cashed out an annuity that had accumulated approx. $10k in tax deferred interest. I do not believe the estimated taxes will be enough to cover this unexpected gain and I would like to make an additional $2k payment to the IRS to cover this deferred interest. My question is how to do this? I have tried googling but can't seem to find the information. Can I just create another 1040-ES form with TurboTax and pay it using the 4th Quarter payment even though she has already paid the estimated taxes for the year including all coupons with the 1st payment? Is there another form I should use? Thank you very much in advance for any help. --Pat |
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| 1st, cap, entire, estimated, gain, hadunexpected, mom, payment, pays, taxes, year |
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