Jewels 11:55 AM 04-03-2013
If you pay in quarterly do you have to do it every quarter or can you just pick one and pay in some money? My tax preparer said I shouldn't need to pay in quarterly, my husband has extra withdrawn from his check, and I have only ever owed in $40, I was worried because this year I'm Expecting to make $10000 more than last, and even when he put those figures in he came back with an amount, that we still wouldn't be penalized on........but I do have a tax savings account set up where I put aside $400/month, and I'm just wondering if on the last quarter of the year, if I can just pay $3000 just to be safe, so can I only pay in on 1 quarter? Sorry long paragraph for 1 question.
TomCopeland 08:33 AM 04-04-2013
Originally Posted by Jewels:
If you pay in quarterly do you have to do it every quarter or can you just pick one and pay in some money? My tax preparer said I shouldn't need to pay in quarterly, my husband has extra withdrawn from his check, and I have only ever owed in $40, I was worried because this year I'm Expecting to make $10000 more than last, and even when he put those figures in he came back with an amount, that we still wouldn't be penalized on........but I do have a tax savings account set up where I put aside $400/month, and I'm just wondering if on the last quarter of the year, if I can just pay $3000 just to be safe, so can I only pay in on 1 quarter? Sorry long paragraph for 1 question.
The law says you must be paying in at least 90% of the taxes your family owes each quarter of the year. If you make one large payment at the end of the year, you could be penalized for not having enough withheld during the 3 previous quarters.