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Financial Planning / Tax Strategies


Subject:  Re: Estimated Taxes Date:  8/10/2001  12:32 AM
Author:  Charlie48K Number:  53221 of 127753

Alright, I've read the FAQ, read through IRS Pub 505, and I'm still confused about one point.

The safe harbor for estimated taxes can be one of the following items:

1) Federal Tax Due - W-2 Withholding - credits must be less than or equal to $1000

2) Federal Tax Due - W-2 Witholding - credits - Total Estimated Tax paid anytime during 2001 must be greater than or equal to 90% of Total Federal Tax Liability

3) W-2 Withholding + credits must be greater than or equal to 2000 Federal Tax Liability

Am I mistaken on any of these? I am married with AGI less than $100k.

I would say it differently, but you're almost correct. The $1000 refers to the check you may have to write, not credits.

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