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This year I expected to recieve about 40% of my normal pay plus Soc Security along with my wife's salary from teaching. Overall income (not AGI) for 2001 will be approximately 1/2 of 2000 AGI.

What are the possible consequences of not paying the estimated tax? I have no desire to get sideways with the IRS but assume the ETax was applied because of last year's income which was an anomoly.

Need some help and expertise.


I think you'll find that "being called upon to pay estimated taxes for 2001" is TurboTaxes recommendation based on your situation for 2000. I was in the same situation four years ago, use TurboTax also, and just ignored the recommendation. The IRS doesn't even know, and could care less, about what TurboTax told you.

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