Divorce Source: April 15th Alimony and Estimated Tax Payments

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overtherainbow
enthusiast

Reged: 10/23/04
Posts: 268
Loc: New England

Re: Whew....yeah that's what happens for me

[Re: aussie928]
#11978 - 04/08/05 08:33 PM

"since you work (and have taxes taken out) it should never apply to you." That is not correct. If you are getting substantial alimony (because you were married a long time to a high wage earner) and you have a low paying job chances are you are not having enough withheld from your wages to cover 90% of your tax liability EVEN THOUGH YOU ARE WORKING AND HAVING MONEY WITHHELD. You have to do a rough calculation on the salary plus alimony minus exemptions and credit to arrive at an expected AGI/ tax liability and make sure you are paying in 90% of tax liability either on the W 2 or quarterly. If you are self employed ya gotta be somewhat of a clairvoyant cause ya gotta estimate what your earnings are gonna be. Also not that we care, cause this is a women's issue thread the ex cannot deduct spousal unless it is court ordered temp or permanent. Or you do not have to claim it unless it is court ordered spousal.

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aussie928
old hand

Reged: 10/29/04
Posts: 969
Loc: Dallas

Re: Whew....yeah that's what happens for me

[Re: overtherainbow]
#11979 - 04/08/05 09:43 PM

Luv..it is correct as I was speaking to Melody..about Melody.. ...I know what she does..is this alright??

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Melody
Carpal \'Tunnel

Reged: 06/02/04
Posts: 10102
Loc: California

Thanks, aussie

[Re: aussie928]
#11980 - 04/09/05 01:00 AM

I appreciate you having such a good memory of my situation. Yeah, I guess I've always had too much held out. The first year I had quite a bit of taxes to pay, but now I realize that I could claim quite a few more exemptions to lessen my refund amount. I kind of like getting that big check though...like a bonus.

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overtherainbow
enthusiast

Reged: 10/23/04
Posts: 268
Loc: New England

Re: Thanks, aussie

[Re: Melody]
#12031 - 04/10/05 12:02 PM

Kind of like a bonus? No way. If you have that much of a refund basically the IRS is sitting on your money all year for no reason. That's your money that could be earning you interest or dividends if it was invested. You need to use a W-4 planner to determine the correct number of exemptions to list on your w-4. You need to change the number exemptions on your W-4. I just don't want other readers out there to think that having a large (thousands) refund is a good thing. No it isn't. It is poor money management.

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