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I'm about to receive a hugh retention bonus in May of this year which my employer will take taxes out but probably not enough. At that point I will be laid off. Even if I dont find a job this year my taxable income this year will be a lot higher than last year. Should I send in an estimated tax payment or wait until we do taxes in April 2000 and try to invest that money. Isn't there an excemption to the pental if there is a unforseen change in income?

Thanks in Advance
Brenda
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<< I'm about to receive a hugh retention bonus in May of this year which my employer will take taxes out but probably not enough. At that point I will be laid off. Even if I dont find a job this year my taxable income this year will be a lot higher than last year. Should I send in an estimated tax payment or wait until we do taxes in April 2000 and try to invest that money. Isn't there an excemption to the pental if there is a unforseen change in income? >>

Read the article in the FAQ on estimated taxes. Chances are, if you didn't have a similar extraordinary payment in 1999, that you'll be fine without estimated tax payments.

Phil Marti
Tax Preparer
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