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Author: chkarnes Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121189  
Subject: Re: Pay estimated taxes or turn a blind eye? Date: 4/12/2001 9:07 PM
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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.

Norm


Norm,
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.

Charlie
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