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Old 08-19-2016, 02:46 PM   #21
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Originally Posted by target2019 View Post
I had consulting and W2 income last year, and full time employment in the last quarter. The consulting income started taking off unexpectedly, so I recalculated etimated payments as I went along. I think I had a small penalty.

This year W2 income will be the most I've ever made. So I am making higher estimated payments, and have W2 withholding at 0 deductions. Also have spouse at 0 deductions.

At the end of this month I'll probably open TurboTax and check things once again, before the Sept 15th estimated payment.
Another option is to increase W2 withholding beyond zero deductions. You can specify zero deductions AND a set $$ amount to be deducted. Just an alternative to estimated taxes.

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Old 08-19-2016, 03:24 PM   #22
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Yes, that is correct, but not my practice. Others may be more comfortable with paying an extra set amount through the employer.

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