Site for estimating 2012 quarterly taxes

[bizlady]

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?

[Alan]

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.

[REWahoo]

Quote:

Originally Posted by Alan 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...

[Alan]

Quote:

Originally Posted by REWahoo +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...

[REWahoo]

Quote:

Originally Posted by Alan Before you found that tax haven in the Cayman islands...

Yep. Thanks for your help on that...

[Alan]

Quote:

Originally Posted by REWahoo 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

[REWahoo]

Quote:

Originally Posted by Alan ...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?

[Alan]

Quote:

Originally Posted by REWahoo 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)

[REWahoo]

Ahhh, I see. Afraid he'd be dogged by the pooch.

[youbet]

Quote:

Originally Posted by bizlady 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.

[MichaelB]

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.

[grasshopper]

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.

[haha]

Quote:

Originally Posted by bizlady 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