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Old 03-04-2012, 10:14 AM   #21
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Originally Posted by kaneohe View Post
Since you are both working and have, I assume, withholding from your wages, you might be able to use the safe harbor of 90% of this yrs taxes
w/o doing estimated tax payments. You'll have to make an educated guess as to your estimated income for the yr and review that during the yr. Then adjust your withholding during the yr as things change. You may end up having to withhold everything in the last few months but because IRS treats withholding as being withheld evenly throughout the yr (even if it isn't), you might get away w/o a penalty provided you can withhold the correct amount by yr end.
Thanks. I had to read this twice before I understood it. This is a way to correct for underpaying estimated taxes earlier in the year.

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Old 03-04-2012, 10:56 AM   #22
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Originally Posted by obgyn65 View Post
Just a thank you note to all those who keep answering questions on this website. I am impressed with the level of financial expertise of some of our members.
Gosh! Thanks for the compliment.

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