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Estimated tax: IRS "W2" form?
Old 01-17-2014, 10:16 AM   #1
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Estimated tax: IRS "W2" form?

Hi all --

2013 is the first year I've paid estimated taxes (ER'd involuntaily in Feb, so I have taxes on UI and on investments).

I've written checks to the IRS every quarter, though they've been unequal as I've figured this all out. I just mailed the last check.

QUESTION: Will I get a form from the IRS showing my estimated tax payments made in 2013 -- sort of like a W2 from my former employer? Or do I rely on my records of what I paid?

Sorry for this basic question, but I couldn't find the answer on irs.gov.

BarbWire
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Old 01-17-2014, 10:25 AM   #2
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No summary from the Treasury, your records are all you have. If you do err in the amounts when preparing your return, the IRS will let you know either way.
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Old 01-17-2014, 10:27 AM   #3
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Thanks!

My records are accurate ... let's hope they match the records of the IRS.

I've sent paper checks. I just discovered the e-Pay service, which seems like it might be the way to go in the future.
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Old 01-17-2014, 10:33 AM   #4
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You can do it electronically and keep up with payment history

https://www.eftps.com/eftps/
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Old 01-17-2014, 11:09 AM   #5
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Originally Posted by rbmrtn View Post
You can do it electronically and keep up with payment history

https://www.eftps.com/eftps/
I have never tried this. Every quarter I walk to a post office and send a check by certified mail.

Any problems or difficulties with using eftps instead?

Ha
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Old 01-17-2014, 11:46 AM   #6
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I have never tried this. Every quarter I walk to a post office and send a check by certified mail.

Any problems or difficulties with using eftps instead?

Ha
I have been using it for several years. At tax filing time, I setup four estimated payments for the year. I do check to see that the payments are made on time, and this has always worked flawlessly.
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Old 01-17-2014, 11:54 AM   #7
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I have never tried this. Every quarter I walk to a post office and send a check by certified mail.

Any problems or difficulties with using eftps instead?

Ha
I've been in that habit for years, both federal and state.
Switching to EFTPS has saved me from writing eight checks and using eight first class stamps every year.

The time savings from not writing out those checks (using cursive, which nobody can read anymore) and the cost savings (from the recently announced increase in first class stamps) have enabled me to increase the enjoyment of my retirement by several times at least.
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Old 01-17-2014, 12:20 PM   #8
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I have never tried this. Every quarter I walk to a post office and send a check by certified mail.

Any problems or difficulties with using eftps instead?

Ha
I set this up for my son (self employed with 1099s and Schedule C) and it was easy. No problems that I've heard of. He likes that it's all set up ahead of time and paid automatically.
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Old 01-17-2014, 12:24 PM   #9
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I like EFTPS and the state E system because I can go look at my account and see exactly what I paid and verify that they've credited my account.
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Old 01-17-2014, 12:38 PM   #10
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Yikes! I've been a real naif -- I just send my checks by 1st class mail, as does my 90 year old father.

Looks like I need to set up the e-payments -- for him and for me -- in 2014.

2013 has been a real learning curve. Guess that's what I get for "ER" two years earlier than planned!
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Old 01-17-2014, 12:39 PM   #11
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When you set up this account, do you use your main brokerage (with associated bank) as the routing and account number?

I get l little nervous building a highway into King Solomon's Mine for my sometimes avaricious uncle to use. Still, if I use a smaller secondary account set up for this purpose, I have to be sure that I have enough money in it when a payment is due, so it will be less automatic.

What are you feelings about this? I will not complete the application until I hear your comments.

Ha
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Old 01-17-2014, 12:53 PM   #12
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When you set up this account, do you use your main brokerage (with associated bank) as the routing and account number?

I get l little nervous building a highway into King Solomon's Mine for my sometimes avaricious uncle to use. Still, if I use a smaller secondary account set up for this purpose, I have to be sure that I have enough money in it when a payment is due, so it will be less automatic.

What are you feelings about this? I will not complete the application until I hear your comments.

Ha
Ha,
I link to my checking account, not my brokerage. As others have said, it is flawless. After completing my taxes, I set up the quarterly payments through September, and wait to see what happens in December before setting up the January payment.

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Old 01-17-2014, 01:00 PM   #13
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Originally Posted by haha View Post
When you set up this account, do you use your main brokerage (with associated bank) as the routing and account number?

I get l little nervous building a highway into King Solomon's Mine for my sometimes avaricious uncle to use. Still, if I use a smaller secondary account set up for this purpose, I have to be sure that I have enough money in it when a payment is due, so it will be less automatic.

What are you feelings about this? I will not complete the application until I hear your comments.

Ha
Use the routing and account number you want to pay from. You can use what is printed on the checks you sent them.

I've known people to use secondary checking account for things like PayPal, I suppose you do the same for this, transfer funds to it at payment time. But since your uncle can seize your accounts anyway, it may not be worth the hassle
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Old 01-17-2014, 01:13 PM   #14
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My income is not spread out evenly during the year. Furthermore, the 4 estimated tax "quarters" are not really equal time periods (Jan-Mar, Apr-May, Jun-Aug, Sep-Dec), so both are skewed toward the end of the year.

I write paper checks for a few of the quarters as my income builds, sometimes spiking if the more erratic cap gain distributions are large. Sometimes, I use my local bank's checking account to pay the taxes, sometimes I use one of bond fund's checks. So I do'nt want to set up any e-payments.

The IRS doesn't have any lookup for payments made but my state (NY) does. I go to their page and print out the payment history page for my records. I also print out my canceled checks and keep track of my payments in the worksheets the tax agencies provide me with their forms.

Once I began making estimated tax payments to the IRS, I began receiving preprinted payment coupons and envelopes to make my life a little easier. The state used to do that but stopped a few years ago so I have find or print out their forms from their website.
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Old 01-17-2014, 01:19 PM   #15
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Quote:
Originally Posted by haha View Post
When you set up this account, do you use your main brokerage (with associated bank) as the routing and account number?

I get l little nervous building a highway into King Solomon's Mine for my sometimes avaricious uncle to use. Still, if I use a smaller secondary account set up for this purpose, I have to be sure that I have enough money in it when a payment is due, so it will be less automatic.

What are you feelings about this? I will not complete the application until I hear your comments.

Ha
I've also used EFTPS for several years and I just use a regular bank checking account, the same one I use each year to pay or get refunds from the IRS when I file.

Each time I make a payment I save a pdf version of the receipt.
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Old 01-17-2014, 01:26 PM   #16
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I use my main bank. Nothing bad has happened, which could mean "not yet" or I haven't noticed, but I figure they have already have pretty much the same info on my accounts from 1099s, etc.
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Old 01-17-2014, 02:41 PM   #17
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Use the routing and account number you want to pay from. You can use what is printed on the checks you sent them.

I've known people to use secondary checking account for things like PayPal, I suppose you do the same for this, transfer funds to it at payment time. But since your uncle can seize your accounts anyway, it may not be worth the hassle
Agree w/ this. Your uncle can even tap your 401K so it seems futile to resist.
The brokerage , if you have margin, has the nice feature that the check won't bounce even if insufficient funds. You could conceivably do the same at a bank/credit union if you had a large enough line of credit that would be automatically tapped.
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Old 01-17-2014, 03:22 PM   #18
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Thanks for all the replies to my question. I guess you are right, resistance is futile anyway, we are serfs.

Ha
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Old 01-17-2014, 03:47 PM   #19
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Thanks!

My records are accurate ... let's hope they match the records of the IRS.
I think if you call IRS, they can probably tell you what you have on record.
It may even be possible that you can get that via automated phone line.....
while attempting to get hold of a live person, I bypassed part of the phone tree asking for SSN which might have got me that info. Instead I ended up w/ a 15-20 min wait for a live person and then gave up.
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Old 01-17-2014, 04:39 PM   #20
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. Every quarter I walk to a post office and send a check by certified mail.
Ha
Ha........that certified mail thing for ES seems a bit overkill? You'll know soon enough from the check being cashed that it's been received......and IRS is quite fast about doing that. If there's a problem and payment is late, it's just a few days of interest , not really a fixed penalty.
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