happyscooter
Senior Member
Joined: Jan 5, 2011 9:04:06 GMT -5
Posts: 2,416
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Post by happyscooter on Mar 28, 2013 8:18:56 GMT -5
DH is now working a PT job and has no taxes taken out. He was sent a 1099 at the end of last year for our taxes. He does not make alot and by the time we fund his IRA, pay our health insurance, make our charity donations and pay property taxes, there won't be much left to account for. How do we make quarterly payments so that we are not penalized next year?
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Rocky Mtn Saver
Junior Associate
Joined: Dec 23, 2010 9:40:57 GMT -5
Posts: 7,461
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Post by Rocky Mtn Saver on Mar 28, 2013 10:34:04 GMT -5
Is your combined regular W-2 withholding enough to cover the tax liability from his PT job? If so, you may not need to do anything. If you need to send in more in order to avoid underpayment penalties, here is a link to the IRS info on making estimated payments: www.irs.gov/pub/irs-pdf/f1040es.pdf
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happyscooter
Senior Member
Joined: Jan 5, 2011 9:04:06 GMT -5
Posts: 2,416
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Post by happyscooter on Mar 28, 2013 11:47:23 GMT -5
i do not work so no taxes whatsoever.
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Rocky Mtn Saver
Junior Associate
Joined: Dec 23, 2010 9:40:57 GMT -5
Posts: 7,461
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Post by Rocky Mtn Saver on Mar 28, 2013 15:47:41 GMT -5
It will depend on what your expected 2013 tax liability is,then.
Take a look at the IRS instructions I linked above. Then if you still end up with questions, they'll be more specific.
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happyscooter
Senior Member
Joined: Jan 5, 2011 9:04:06 GMT -5
Posts: 2,416
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Post by happyscooter on Mar 29, 2013 7:21:12 GMT -5
We inherited my deceased FIL's IRA this year, so that put us way over. Maybe that's why it has been brought to my attention more so now. Thanks for the help.
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