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Financial Planning / Tax Strategies
|Subject: Re: Estimated Taxes||Date: 8/10/2001 12:32 AM|
|Author: Charlie48K||Number: 53221 of 122630|
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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