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Reminder: Estimated Tax Due
06-15-2007, 05:44 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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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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Numbers is hard
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06-15-2007, 08:17 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,008
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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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06-15-2007, 08:39 AM
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#3
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Recycles dryer sheets
Join Date: Jan 2006
Posts: 369
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Quote:
Originally Posted by REWahoo
For those of you making quarterly IRS Estimated Tax payments, today (6/15) is the deadline for the second payment.
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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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06-15-2007, 08:44 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Quote:
Originally Posted by wallygator69
If I mail it today and it's post marked am I ok?
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Yep.
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Numbers is hard
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06-15-2007, 11:22 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 3,895
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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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"off with their heads"~~dr. joseph-ignace guillotin
"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
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06-15-2007, 11:50 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Quote:
Originally Posted by lazygood4nothinbum
do i have to pay estimated taxes quarterly before i actually withdraw taxable funds?
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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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Numbers is hard
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06-15-2007, 12:20 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 3,895
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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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"off with their heads"~~dr. joseph-ignace guillotin
"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
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06-15-2007, 01:40 PM
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#8
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Recycles dryer sheets
Join Date: Jun 2006
Posts: 82
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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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We come in the spirit of hostility and menace
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06-15-2007, 01:46 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
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Quote:
Any idea how long it usually takes the gummint to deposit the checks
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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.
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06-15-2007, 01:59 PM
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#10
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Recycles dryer sheets
Join Date: Jun 2006
Posts: 82
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Quote:
Originally Posted by mickeyd
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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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 mistakes But thanks REWahoo
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Will I need to pay quarterly taxes?
06-15-2007, 05:37 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 1,183
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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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06-15-2007, 06:07 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Quote:
Originally Posted by kramer
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?
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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.
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Numbers is hard
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06-15-2007, 06:18 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 1,183
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Quote:
Originally Posted by REWahoo
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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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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06-15-2007, 07:03 PM
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#14
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
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Quote:
Originally Posted by kramer
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.
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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/
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06-16-2007, 07:43 AM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
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Yay for EFTPS! (even though they do take money away from me!)
Audrey
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06-16-2007, 11:49 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 1,183
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Quote:
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/
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Thanks, NORDs. This is what I will do.
Kramer
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06-16-2007, 03:58 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Posts: 1,305
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Quote:
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/
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bookmarked the url thanks Nords ... great idea
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06-16-2007, 06:02 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Location: North Bay
Posts: 1,246
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Quote:
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/
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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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