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Old 11-28-2007, 12:22 PM
Benjamin Yazersky CPA
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Default Re: Mom pays estimated taxes for entire year with 1st payment, had unexpected cap gain

"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 <-----





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imposed on the taxpayer."

(The foregoing legend has been affixed pursuant to U.S. Treasury Regulations
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  #1  
Old 11-28-2007, 02:38 AM
Paul Thomas
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Default Re: Mom pays estimated taxes for entire year with 1st payment, had unexpected cap gain


"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

 
Old 11-27-2007, 10:43 PM
Arthur Kamlet
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Posts: n/a
Default Re: Mom pays estimated taxes for entire year with 1st payment, hadunexpected cap gain

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

  #-1  
Old 11-27-2007, 09:00 PM
AlPastor
Guest
 
Posts: n/a
Default Mom pays estimated taxes for entire year with 1st payment, hadunexpected cap gain

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

 

Tags
1st, cap, entire, estimated, gain, hadunexpected, mom, payment, pays, taxes, year
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