Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: dpierce1 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121315  
Subject: Re: Estimated taxes for self-employed Date: 4/17/2000 11:38 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
If your husband's name is first on your payments, (and on your return) everything goes into an account under his name...and has been for as long as you have been filing jointly.

I know this because after my husband and I separated, I continued to mail in the pre-prepared estimated payments for the rest of that year, not realizing that he was getting credit for everything. When I filed head of household for that tax year (we were separated for more than 6 months), my account was considered to be "new" as though I hadn't filed taxes at all since we began filing jointly, and it was also empty!

Luckily I caught this before filing taxes and just before the IRS refunded the estimated payments to my ex, and believe it or not, they were very understanding and helpful in getting me through the proper documentation and paperwork necessary (notarized statments from me and my ex, copies of cancelled checks, etc)and my payments were properly credited before my taxes were filed.

Unfortunately I forgot about State taxes, and my ex got the refund and didn't tell me until I got a notice 6 months later that I owed the state tax, interest and penalty. He did graciously return the refund to me, and I managed to get the penalty removed, but I got stuck with the interest.

Not that I would imply anything about the stability of your marriage, but just a thought to keep in the back of your mind.

DP...not a tax expert, but adding my $.02 anyway.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | 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.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Value Hounds

Netflix Riles Investors
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