Katsmeow
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Jul 11, 2009
- Messages
- 5,308
Hope someone knows something about this and can me how my son can make estimated payments of self employment taxes.
My college student son has a job where he is an independent contractor and no withholdings for taxes are made.
He knows he has to be both the employee and employer share of self employment taxes. He is only making $400 a month. He has been paid so far for one month of work.
He is our dependent but given what he is making I don't expect him to owe any income taxes for the year. However, he will owe self-employment taxes.
Turbo Tax says he doesn't have to make estimated payments if he will owe less than $1000 and he will otherwise withhold 90% of his 2013 tax liability (he won't) or will withhold 100% of his 2012 tax liability. He had no tax liability in 2012 and filed no tax return. So I don't know if that means he can just not do anything withholding this year. Since I don't know, I figured it is easiest for him just to go ahead and file and estimated payment of $61.20 by 6/17 and then file quarterly after that.
My first thought was to set him up at EFTPS. We did that and he was supposed to be mailed a PIN. He got a letter today saying that the information submitted doesn't match IRS files. I don't know if this is because (1) he has never in the past filed a tax return, (2) he used his middle name at EFTPS while on our tax returns I use his middle initial instead, (3) his SS number was incorrectly typed in at EFTPS, or (4) some other unknown reason. It basically says to either call the IRS to verify information or check a current tax return and re-enroll. So he re-enrolled after double checking my tax return (where he is shown as a dependent) and double checking his SS number. I don't know if that will solve this. However, it takes a week or more to get the PIN so even if it works we probably don't have it before 6/17.
So I then decided to do estimated tax vouchers through Turbo Tax. Turbo tax though wants to do vouchers for the whole year for $113 for each quarter. However, he didn't need to do one in April and he only needs to do one for $61.20 for June with larger ones later. I found no way in Turbo Tax to create vouchers for estimated taxes for different amounts.
So -- after all that --
Is there some place to get and print estimated tax vouchers where he can fill in the exact amount he wants to send?
My college student son has a job where he is an independent contractor and no withholdings for taxes are made.
He knows he has to be both the employee and employer share of self employment taxes. He is only making $400 a month. He has been paid so far for one month of work.
He is our dependent but given what he is making I don't expect him to owe any income taxes for the year. However, he will owe self-employment taxes.
Turbo Tax says he doesn't have to make estimated payments if he will owe less than $1000 and he will otherwise withhold 90% of his 2013 tax liability (he won't) or will withhold 100% of his 2012 tax liability. He had no tax liability in 2012 and filed no tax return. So I don't know if that means he can just not do anything withholding this year. Since I don't know, I figured it is easiest for him just to go ahead and file and estimated payment of $61.20 by 6/17 and then file quarterly after that.
My first thought was to set him up at EFTPS. We did that and he was supposed to be mailed a PIN. He got a letter today saying that the information submitted doesn't match IRS files. I don't know if this is because (1) he has never in the past filed a tax return, (2) he used his middle name at EFTPS while on our tax returns I use his middle initial instead, (3) his SS number was incorrectly typed in at EFTPS, or (4) some other unknown reason. It basically says to either call the IRS to verify information or check a current tax return and re-enroll. So he re-enrolled after double checking my tax return (where he is shown as a dependent) and double checking his SS number. I don't know if that will solve this. However, it takes a week or more to get the PIN so even if it works we probably don't have it before 6/17.
So I then decided to do estimated tax vouchers through Turbo Tax. Turbo tax though wants to do vouchers for the whole year for $113 for each quarter. However, he didn't need to do one in April and he only needs to do one for $61.20 for June with larger ones later. I found no way in Turbo Tax to create vouchers for estimated taxes for different amounts.
So -- after all that --
Is there some place to get and print estimated tax vouchers where he can fill in the exact amount he wants to send?