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Author: foobarista Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120819  
Subject: Married filing jointly: estimated tax Date: 9/5/2003 9:49 PM
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Hi,

DW hasn't worked for a couple of years, and is now a
business real-estate agent (ie, she represents people
buying or selling businesses, not houses or
commercial property) and she's closed her first couple
of deals within the past month. I downloaded the
form 1040-ES and it is somewhat unclear on the
point: "if you had no tax liability in 2002, you don't
have to pay estimated tax".

In 2002, DW had no wage or business income herself, but
we did have income from investments held jointly. Did DW
have a tax liability by their definition?

So, the question is does she have to file estimated tax
for 2003 immediately, or can we go ahead and pay her part
of our taxes without penalty when we file our 2003 return?

Thanks.

--Foobarista
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