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Old 04-06-2008, 07:53 AM   #61
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A man and his dog are starving in the wilderness. They've run out of food, and the man cuts off the dog's tail, and uses if for soup. When the dog comes begging, be let's him have a few licks from the soup bowl.

And that's the general concept behind the tax refund.
The tax credits put thru over the last few years have changed this somewhat ... The last two years we've been refunded THOUSANDS more we paid in. It's a reason to file.
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Old 04-06-2008, 07:56 AM   #62
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Originally Posted by RunningBum View Post
What if a big chunk of your income comes in December, such as capital gains distribution or a large end of year stock sale? Would they take that into consideration, or are you supposed to anticipate that throughout the year and pay as evenly as you can estimate each quarter?
Your estimates are supposed to be based on the income you had during the quarter.... like your withholding...

SO, if you had big capital gains at the end of the year, you are supposed to pay on the Jan 15th estimate...

And when you fill out the penalty form, then you split your income into quarters and see if you paid enough for that quarter...
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