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Author: XCgeoff 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 121061  
Subject: 08 estimated taxes from turbotax Date: 4/7/2008 6:26 PM
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I finally finished up my 07 return with turbotax and it automatically calculated what it thought my 2008 estimated quarterly tax payments should be based on my 2007 data.

Here's where I am a little confused. I’m getting about a $1400 refund for 2007 and turbo tax told me I should make total estimated payments of almost $3000 this year. That’s about a $4400 swing which isn’t an insignificant percentage of my total tax owed. If it is basing the 2008 estimated taxes on my 2007 numbers, the only thing I can figure out is that there are changes in the tax code that would make me owe more tax in 2008 than 2007, but I can’t figure out why it would be that high. I live in Texas and pay no state income tax so I get to take the sales tax deduction. I think congress added that back for 07 at the last minute with the AMT “patch” they always do every year. Is turbotax thinking that I may owe AMT for 2008 because congress hasn’t patched it yet? Is there some other explanation?
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