Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next
Author: Jennlee222 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 121175  
Subject: Change withholding/Estimated taxes Date: 3/14/2014 10:14 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
This is our first year of married filing jointly and I'm trying to figure out how best to change our withholding.

For 2013, we are getting about a $5000 refund. Hubby had to pay $8100 in quarterly estimated taxes for 2013 based on his previous year's taxes/income done as a single.

For 2014 the tax software says we should pay about $2500 in estimated taxes.

Is it as simple as adjusting our withholding to add the $2500 in total withholding through the year? Then do we need to make the estimated payments and if not, do we need to do anything because the expected quarterly payments won't be made?

We did have a bit more in itemized deductions in 2013 than we will in 2014, so do I need to try to account for that and adjust that $2500 upward a bit?
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Value Hounds

Nu Skin Showing its Age?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement