Disappointed
Recycles dryer sheets
- Joined
- Sep 16, 2007
- Messages
- 464
I retired at the end of 2013 and no longer working. I received a one time consulting fee in Jan for $235,000, this will be the only income associated with work (earned income?) for 2014 as I will be getting a 1099 at the end of this year.
I did some research on estimated tax that I need to pay for the first quarter (Fed, SS, State) but still do not know how much to pay? Also was confused by the article in the WSJ below, looks like I will be eligible to deduct things such as health insurance and perhaps other deductions?
ROI: How to Avoid Paying Income Taxes - WSJ.com
I did download 1040ES but still can't figure out how much estimated tax I need to pay in April. Aside from the consulting fee, the rest of the income this year will probably come from interest and dividends.
Also, is there a place for researching the withdrawing strategy and how much to withdraw to minimize taxes (for newly retired).
Thanks.
I did some research on estimated tax that I need to pay for the first quarter (Fed, SS, State) but still do not know how much to pay? Also was confused by the article in the WSJ below, looks like I will be eligible to deduct things such as health insurance and perhaps other deductions?
ROI: How to Avoid Paying Income Taxes - WSJ.com
I did download 1040ES but still can't figure out how much estimated tax I need to pay in April. Aside from the consulting fee, the rest of the income this year will probably come from interest and dividends.
Also, is there a place for researching the withdrawing strategy and how much to withdraw to minimize taxes (for newly retired).
Thanks.