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Financial Planning / Tax Strategies
|Subject: Re: Estimated Payments||Date: 11/27/2012 10:00 AM|
|Author: TMFPMarti||Number: 116991 of 125707|
If you use the amount of taxes paid during the prior year to pay 4 equal installments for estimated taxes, do you subtract the amount withheld from your spouses W-2 for the prior year in determining the amount subject to estimated taxes.
No. Total Tax. (Line 61 of the 2011 1040)
You may subtract from that figure any 2012 withholding in determining your 2012 ES requirements. Unless you elect otherwise, withholding is credited equally across the four ES payment periods in determining whether you met the safe harbor.
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