All that you will do by sending money in this year will be to avoid the penalty. I have never been able to get turbo tax to predict the penalty.
The only way I have been able to "plan ahead" is to fill out a total return and see if I owed the penalty. If turbo tax said I had to pay a penalty, I would increase the number I put in for tax withheld until the penalty went away. Then, if I wanted to miss the penalty, I sent in the necessary money.
In other words, I used turbo tax backwards to get an approx penalty. The problem is that the rules could change from year to year but this procedure should get you started.
Google Jer
Woodhaven, Mi
-----Original Message-----
From: DoIt_Yourself@yahoogroups.com [mailto:DoIt_Yourself@yahoogroups.com] On Behalf Of Sharry Dunn
Sent: Monday, August 15, 2011 9:25 PM
To: DoIt_Yourself@yahoogroups.com
Subject: RE: [DIY] Off Topic 2011 Estimated Tax and TurboTax Any how to tips?
I don't have a job, thus no withholding; my last job the store was closed and was not able to find a job after that. Sort of forced into retirement for now, before I'm ready, but there it is.
Oh yeah I'd love to skip the heart ache, it's a pain in the tush to try to figure it out, took me hrs for the June payment and finally determined I didn't owe anything, however now I have the stock proceeds and it may push it over the top- so I hoped using Turbo Tax would simplify it.
Thanks Jerry,
sharry
-----Original Message-----
>From: Jerry Gmail <jhnidy@gmail.com>
>Sent: Aug 15, 2011 8:56 PM
>To: DoIt_Yourself@yahoogroups.com
>Subject: RE: [DIY] Off Topic 2011 Estimated Tax and TurboTax Any how to tips?
>
>Are you sure you need to pay these taxes? You can owe A LOT of tax and not have to pay any penalties as long as you have withheld your tax liability from last year.
>
>
>
>In other words, if your total tax bill last year was 5000 dollars and this year you withheld 5000 dollars from your pay, you can "owe" 10000 dollars in taxes for your 2011 return and not be penalized.
>
>Why go through all this heartache if you don't have to?
>
>
>
>If you can increase your payroll withholding amounts so that you withhold your total tax bill – not the taxes owed but the total tax bill – the government will leave you alone.
>
>
>
>Google Jer
>
>Woodhaven, Mi
>
>
>
>From: DoIt_Yourself@yahoogroups.com [mailto:DoIt_Yourself@yahoogroups.com] On Behalf Of Sharry Dunn
>Sent: Monday, August 15, 2011 8:11 PM
>To: DoIt_Yourself@yahoogroups.com
>Cc: Sharry Dunn
>Subject: [DIY] Off Topic 2011 Estimated Tax and TurboTax Any how to tips?
>
>
>
>
>Good afternoon, I know this is off topic, but not sure if acceptable to post this type of question. Apologies if this is not appropriate question here.
>
>I sold a few stocks last week and may need to pay estimated taxes and wanted to do this without going to CPA. I have never used Turbo tax but thought it might make it easy to figure out the estimated taxes if any are due. I recently bought TurboTax 2010 on eBay, but not sure what steps I need to follow to determine if I have 2011 Estimated tax payment due for Sept 15th.
>
>I have a pdf file from the cpa for 2010 taxes which I may be able to import into TurboTax; don't know what steps to follow to use 2011 income and will Turbo Tax automatically figure out the Estimated payments? If anyone has suggestions or a quick HOW TO list of steps to follow, I'll appreciate it
>
>Thanks so much,
>
>sharry
>
>
>
>
>
>
>
------------------------------------
Please send decorating questions to Interior Motives List - to subscribe send an email to: Interior_Motives-subscribe@yahoogroups.com Yahoo! Groups Links
No comments:
Post a Comment