Reminder: Estimated Tax Due

[REWahoo]

For those of you making quarterly IRS Estimated Tax payments, today (6/15) is the deadline for the second payment.

 

[audreyh1]

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

 

[wallygator69]

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

 

[REWahoo]

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

Yep.

 

[lazygood4nothinbum]

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?

 

[REWahoo]

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.

 

[lazygood4nothinbum]

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.

 

[fluffy]

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.

 

[mickeyd]

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.

 

[fluffy]

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

 

[kramer]

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

 

[REWahoo]

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.

 

[kramer]

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

 

[Nords]

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/

 

[audreyh1]

Yay for EFTPS! (even though they do take money away from me!)

Audrey

 

[kramer]

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

 

[megacorp-firee]

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

 

[scrinch]

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!