Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: JoserFool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121150  
Subject: Estimated Tax payments/Penalties Date: 12/20/1998 8:37 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I married earlier this year. Unfortunately I did not change my wife or own tax withholdings. Last year combined we with held $17,622 and when all was said and done we paid a total of $17,514 tax liability. This year I have estimated that we will have had $17,341 with held but will end up paying either $20400 or possibly up to about $27,000 if I sell some stock before the years end. IF I understand the IRS rules right if we had withheld at least $17,514 (last years tax liability) we wouldn't have to worry about quarterly estimated tax payment or a penalty...right?
We would just pay the $4000+ we owe in April..right? Is there anything we can do before hand to increase what is withehld this year? Can we pay the quarterly estimate by January 15 and not have to worry about paying the other 3 quarterly payements? Is the penalty sever enough where I should hold off selling my stock this year? We can I find the formula for the penalty? I have the basic version of turbo tax and it didn't have the penalty formula. Thanks in advance for any help you could give.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | 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

Kate Spade's Wild Ride
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