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Reminder: Estimated Tax Due
Old 06-15-2007, 06:44 AM   #1
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Reminder: Estimated Tax Due

For those of you making quarterly IRS Estimated Tax payments, today (6/15) is the deadline for the second payment.
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Old 06-15-2007, 09:17 AM   #2
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I thought you were late! And then I realized that it's just that I scheduled this stuff early in June and so I thought the deadline was way past - LOL!

Yep - IRS already had their hands in my bank account this morning.

Audrey
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Old 06-15-2007, 09:39 AM   #3
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Originally Posted by REWahoo View Post
For those of you making quarterly IRS Estimated Tax payments, today (6/15) is the deadline for the second payment.
UGH! Thanks. I am new to this and assumed like for my company it would be due July 15th for 2nd quarter.

If I mail it today and it's post marked am I ok?

Thanks again!

W
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Old 06-15-2007, 09:44 AM   #4
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If I mail it today and it's post marked am I ok?
Yep.
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Old 06-15-2007, 12:22 PM   #5
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i've been living off a bucket of money-marketed after-tax cash with everything else in ira's (roth & traditional) or property (apparently collecting future capital losses) so i was thinking i wouldn't have to pay taxes this year but not thinking that now i have to take a mandatory taxable withdrawal from inherited ira before end of year.

do i have to pay estimated taxes quarterly before i actually withdraw taxable funds?
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Old 06-15-2007, 12:50 PM   #6
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do i have to pay estimated taxes quarterly before i actually withdraw taxable funds?

No. When you do the withdrawal you can get the IRA custodian to withhold and send taxes to the IRS for you, which is (to me) simpler and easier than trying to do estimated taxes. You'll want to do some estimating (Turbotax?) to see how much you will want them to withhold.
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Old 06-15-2007, 01:20 PM   #7
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even when worse come to worse i'm learning from my own mistakes but always good to have one less thing to worry about. thank you much rewahoo.
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Old 06-15-2007, 02:40 PM   #8
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Any idea how long it usually takes the gummint to deposit the checks sent in by mail? I screwed up and have to transfer funds in from other accts. Curious whether I'll have to fall back on overdraft "protection" and all its associated fees.
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Old 06-15-2007, 02:46 PM   #9
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Any idea how long it usually takes the gummint to deposit the checks
They do not waste time. A few days it seems. It's one of the few things that they do really well.
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Old 06-15-2007, 02:59 PM   #10
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They do not waste time. A few days it seems. It's one of the few things that they do really well.
Thanks. I guess as long as they take longer than 2 days to turn it around I should be OK. If it wasn't for this thread I'd still be blissfully unaware that the due date is June 15, not July 15. Ugh hate it when I make dumb mistakesBut thanks REWahoo
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Will I need to pay quarterly taxes?
Old 06-15-2007, 06:37 PM   #11
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Will I need to pay quarterly taxes?

I just semi-retired. Next year all of my income will probably be from dividends, capital gains, and interest. But there will be no IRA withdrawals, no checks, and probably no earned income.

Will I need to pay in taxes quarterly? Or do I just pay with one check by January 15, 2009 for my 2008 taxes? Or can I file taxes and pay then by April 15, 2009?

Thanks,
Kramer
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Old 06-15-2007, 07:07 PM   #12
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Will I need to pay in taxes quarterly? Or do I just pay with one check by January 15, 2009 for my 2008 taxes? Or can I file taxes and pay then by April 15, 2009?
Here's a link to IRS information on Estimated Taxes. Estimated Taxes

If you don't pay quarterly you could be subject to a penalty.
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Old 06-15-2007, 07:18 PM   #13
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Here's a link to IRS information on Estimated Taxes. Estimated Taxes

If you don't pay quarterly you could be subject to a penalty.
Thanks, REWahoo. According to this, I will indeed need to pay in estimated taxes next year. I will probably be traveling overseas when my first payment is due. So this is yet one more thing to set up before I leave.

I am guessing that since something like 3/4 of my income will come at the end of the year in December, then my early estimated tax payments could be less than my final big one.

Kramer
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Old 06-15-2007, 08:03 PM   #14
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Thanks, REWahoo. According to this, I will indeed need to pay in estimated taxes next year. I will probably be traveling overseas when my first payment is due. So this is yet one more thing to set up before I leave.
If you're not going to be hanging around and can predict your payments (by splitting the estimated total into four) then I highly recommend linking the Electronic Federal Tax Payment System (EFTPS) to a checking account and setting up your quarterly payments for up to a year in advance. We've been using it for at least five years with nary a problem. Painless.

https://www.eftps.com/eftps/
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Old 06-16-2007, 08:43 AM   #15
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Yay for EFTPS! (even though they do take money away from me!)

Audrey
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Old 06-16-2007, 12:49 PM   #16
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If you're not going to be hanging around and can predict your payments (by splitting the estimated total into four) then I highly recommend linking the Electronic Federal Tax Payment System (EFTPS) to a checking account and setting up your quarterly payments for up to a year in advance. We've been using it for at least five years with nary a problem. Painless.

https://www.eftps.com/eftps/
Thanks, NORDs. This is what I will do.

Kramer
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Old 06-16-2007, 04:58 PM   #17
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If you're not going to be hanging around and can predict your payments (by splitting the estimated total into four) then I highly recommend linking the Electronic Federal Tax Payment System (EFTPS) to a checking account and setting up your quarterly payments for up to a year in advance. We've been using it for at least five years with nary a problem. Painless.

https://www.eftps.com/eftps/
bookmarked the url thanks Nords ... great idea
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Old 06-16-2007, 07:02 PM   #18
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Originally Posted by Nords
If you're not going to be hanging around and can predict your payments (by splitting the estimated total into four) then I highly recommend linking the Electronic Federal Tax Payment System (EFTPS) to a checking account and setting up your quarterly payments for up to a year in advance. We've been using it for at least five years with nary a problem. Painless.

https://www.eftps.com/eftps/
This is exactly what I need! I've been in New Zealand on business since the beginning of June. I was waiting for some invoices to be paid (to me) before I left so that I could pay my estimated taxes. Well, I didn't get the money until after I left, so I had to ask DW to pay by check. I got e-mails saying: "Honey, I can't find the vouchers." "Where do I send the payments?" "Who do I make the check out to?"... An automatic payment link would have been perfect!
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