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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120820  
Subject: Re: Pay estimated taxes or turn a blind eye? Date: 4/12/2001 11:29 PM
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TurboTax defaults to basing your 2001 estimates on 100%/110% of 2000 taxes. What you need to do is go to the planning section of the program and enter your projected earinings and deductions for 2001. The program will then calculate whether estimated taxes are required based on your projected numbers.

If you choose to just ignore TT's recommendations and you find that you owe a penalty next April, you can always ask for a waiver on the grounds that you just retired and couldn't accurately project your income and deductions. It's one of the excuses that regularly gets accepted by the IRS.

Ira
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