Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Site for estimating 2012 quarterly taxes
Old 02-11-2012, 12:38 PM   #1
Full time employment: Posting here.
 
Join Date: Mar 2008
Posts: 637
Site for estimating 2012 quarterly taxes

Used TurboTax for the first time in years to complete taxes. Really disappointed that no "what it" sheets were available to estimate quarterly payments due in 2012.

Short of completing the 1040ES, any websites out there for federal and state (MN) estimates PAYABLE in 2012?
__________________

__________________
bizlady is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-11-2012, 01:43 PM   #2
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,132
What I do is to do a 'save-as' and save a copy of the return as 2012-Test.

It is easy then to go to the forms view and simply adjust the figures to what you think you will be getting in 2012 and see how much tax you will have to pay using 2011 tax law. Divide by 4 and send in quarterly payments. Update the test file through the year with real data as it comes in.
__________________

__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 02-11-2012, 02:14 PM   #3
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,134
Quote:
Originally Posted by Alan View Post
What I do is to do a 'save-as' and save a copy of the return as 2012-Test.

It is easy then to go to the forms view and simply adjust the figures to what you think you will be getting in 2012 and see how much tax you will have to pay using 2011 tax law. Divide by 4 and send in quarterly payments. Update the test file through the year with real data as it comes in.
+1

That's the way I did it when I was paying quarterly estimated taxes...
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 02-11-2012, 02:35 PM   #4
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,132
Quote:
Originally Posted by REWahoo View Post
+1

That's the way I did it when I was paying quarterly estimated taxes...
Before you found that tax haven in the Cayman islands...
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 02-11-2012, 02:39 PM   #5
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,134
Quote:
Originally Posted by Alan View Post
Before you found that tax haven in the Cayman islands...
Yep. Thanks for your help on that...
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 02-11-2012, 02:47 PM   #6
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,132
Quote:
Originally Posted by REWahoo View Post
Yep. Thanks for your help on that...
You're welcome. I learned that trick from Harry Redknapp, the English soccer manager who has just been aquitted for tax evasion following large payments into an off-shore tax account of his that was held in the name of a dead dog he once owned

He is now favorite to become the coach of the England soccer team, probably because his tactics in avoiding the tax man impressed the English FA selection panel.

Harry Redknapp tells of relief at end of 'nightmare' of tax evasion trial that 'should never have come to court' - Telegraph
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 02-11-2012, 02:53 PM   #7
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,134
Quote:
Originally Posted by Alan View Post
...an off-shore tax account of his that was held in the name of a dead dog he once owned
I realize we're speaking of football coaches here - a class unto their own - but why on earth would he own a dead dog?
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 02-11-2012, 03:04 PM   #8
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,132
Quote:
Originally Posted by REWahoo View Post
I realize we're speaking of football coaches here - a class unto their own - but why on earth would he own a dead dog?
Obviously because if the dog was alive she might demand her share of the dividend payments. (The dog was named Rosie)
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 02-11-2012, 03:27 PM   #9
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,134
Ahhh, I see. Afraid he'd be dogged by the pooch.
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 02-11-2012, 03:29 PM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by bizlady View Post
Used TurboTax for the first time in years to complete taxes. Really disappointed that no "what it" sheets were available to estimate quarterly payments due in 2012.

Short of completing the 1040ES, any websites out there for federal and state (MN) estimates PAYABLE in 2012?
Hmmmmm bizlady....... Your post is a bit baffling since I think TT is particularly useful as a "what if" tool.

As far as estimated taxes, when I finished my 2010 taxes I reviewed why I got a bigger refund than planned. Then I guesstimated what would be different for 2011 vs 2010 and plugged those numbers into TT. I plugged in a few different estimated tax payment scenarios and based on those outcomes took a swag at what to send in. As I went through 2011, I re-opened TT twice and changed some assumptions. (My TIRA to Roth conversion was a tad bit larger than planned) and wound up making a larger estimated payment in Dec than originally anticipated. I thought the ability to key in a new number or two, push the button and have everything instantly recalculated was a "what if" feature.

Maybe I'm misunderstanding, I don't have any sort of accounting or number crunching background, but why do you think no "what if" capability is available in TT?

Edit: I do esentially what Alan does in post #2 above.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 02-11-2012, 04:32 PM   #11
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,487
I too use TT as described for my estimates, but this is the desktop edition and I am not sure the online edition allows that option.
__________________
MichaelB is offline   Reply With Quote
Old 02-11-2012, 06:13 PM   #12
Thinks s/he gets paid by the post
grasshopper's Avatar
 
Join Date: Oct 2010
Posts: 1,671
TT use to print out estimated forms for me to cut out and mail in. Now I just send in 10% of my dividends/Capital gains quarterly.
__________________
grasshopper is offline   Reply With Quote
Old 02-11-2012, 08:49 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,386
Quote:
Originally Posted by bizlady View Post
Used TurboTax for the first time in years to complete taxes. Really disappointed that no "what it" sheets were available to estimate quarterly payments due in 2012.

Short of completing the 1040ES, any websites out there for federal and state (MN) estimates PAYABLE in 2012?
Can't you just use the safe harbor provision of paying whatever tax you owed in 2011, divided by 4 for each installment?

I have done this for many years and never had to pay a penalty.

Ha
__________________

__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What are the estate tax limits after 2012? km4hr FIRE and Money 3 12-29-2011 10:34 AM
When to leave; Dec 2011 or Jan 2012? pb4uski Other topics 31 11-14-2011 06:02 PM

 

 
All times are GMT -6. The time now is 02:18 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.