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Author: kse4 Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: safe harbor? or pay Estimated Tax? Date: 8/25/2001 12:15 AM
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Last year we owed no taxes--all were offset by various credits.

Last month and this month, my husband's received a couple of bonuses that have effectively doubled his income for tax year 2001 vs. 2000. (A one-off.) Do we have to pay estimated tax?

kse4
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Author: Charlie48K Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 53560 of 121095
Subject: Re: safe harbor? or pay Estimated Tax? Date: 8/25/2001 12:29 AM
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Last year we owed no taxes--all were offset by various credits.

Last month and this month, my husband's received a couple of bonuses that have effectively doubled his income for tax year 2001 vs. 2000. (A one-off.) Do we have to pay estimated tax?

kse4


No. Just make sure you have the money invested somewhere to pay the tax bill in April. I'd put it in a money market fund.

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Author: LoTax One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 53561 of 121095
Subject: Re: safe harbor? or pay Estimated Tax? Date: 8/25/2001 11:11 AM
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Please indulge my curiosity: What's a "one-off"?

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Author: phooley Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 53562 of 121095
Subject: Re: safe harbor? or pay Estimated Tax? Date: 8/25/2001 11:25 AM
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What's a "one-off"?

That had me confused too -- I thought something was missing.

After fruitless web searches, I went to <www.m-w.com/cgi-bin/dictionary> and found:

Main Entry: one-off
Pronunciation: "w&n-'of
Function: adjective
Date: 1934
British : limited to a single time, occasion, or instance : ONE-SHOT, UNIQUE

HTH,
Phooley in Phoenix

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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 53563 of 121095
Subject: Re: safe harbor? or pay Estimated Tax? Date: 8/25/2001 1:08 PM
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Last year we owed no taxes--all were offset by various credits.

Just to make sure there's no confusion, as long as line 57 of your 2000 1040 was zero, you don't have to make 2001 ES payments, regardless of your ultimate 2001 liability.

Phil Marti
VITA Volunteer

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