ShokWaveRider
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
This year we will need to think about paying estimated quarterly taxes. I was wondering how to do it. Up until now, we have not known exactly what our taxable income will be. This year we may be able to make a good estimate. Almost 100% of our taxable income will be from SS and CD interest. The IRS says tax is due when payments are made. We are in Florida so not state taxes are not an issue.
I was wondering how folks here manage it.
If CD interest is paid 6 monthly, then is tax due at that time?
If CD Interest is paid annually, can we leave it till the end of the year and not incur penalties?
Should one pay estimated taxes on SS quarterly?
Say one's estimated Federal tax on all sources of income for a given year is $25k but only 10% of that is realized quarterly, does one still have to pay estimated taxes quarterly, even if one has not received the income until year end? State taxes are not applicable in Florida.
Also, what is the best way to pay the estimated taxes if withholding is not a viable option?
I am thinking making regular payments via IRS.GOV via systematic withdrawals.
Any ideas would be appreciated.
I was wondering how folks here manage it.
If CD interest is paid 6 monthly, then is tax due at that time?
If CD Interest is paid annually, can we leave it till the end of the year and not incur penalties?
Should one pay estimated taxes on SS quarterly?
Say one's estimated Federal tax on all sources of income for a given year is $25k but only 10% of that is realized quarterly, does one still have to pay estimated taxes quarterly, even if one has not received the income until year end? State taxes are not applicable in Florida.
Also, what is the best way to pay the estimated taxes if withholding is not a viable option?
I am thinking making regular payments via IRS.GOV via systematic withdrawals.
Any ideas would be appreciated.
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