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: Do you...

04/08/05 12:23 AM

Basically this is it. You have to pay 90% of the taxes you owe during the year to the IRS (pay as you go --like the taxes taken out of w-2)But alimony has NO taxes taken out of it like wages do. If at the end of the year you did not pay 90% of the pay as you go taxes you owe for that year (or 100% of last year's tax liability) during the year they will hit you with a penalty. Taxes are a pay as you go system --that's why taxes are taken out of your paychecks. If you have alimony checks USUAlly you have to pay quarterly estimated tax payments. Your situation may be such that you don't have to pay quarterly estimated tax payments if the amount you have withdrawn from your wages covers 90% of your tax liability. But ya gotta figure it out IN ADVANCE to make sure that you are paying in at least 90% of your liability in order to avoid the penalties. Don't mess with the IRS. The amount you are paying them during the year has to equal 90% of your tax liability or 100% of last years tax.

Post Extras

Entire topic
Subject	Posted by	Posted on
April 15th Alimony and Estimated Tax Payments	overtherainbow	04/06/05 02:01 PM
I don't do this	Melody	04/07/05 12:33 AM
Do you...	almostheaven	04/07/05 07:52 AM
Yeah,	Melody	04/08/05 01:39 AM
Re: Yeah,	almostheaven	04/08/05 08:22 AM
Whew....yeah that's what happens for me	Melody	04/08/05 02:12 PM
Re: Whew....yeah that's what happens for me	aussie928	04/08/05 07:51 PM
Re: Whew....yeah that's what happens for me	overtherainbow	04/08/05 08:33 PM
Re: Whew....yeah that's what happens for me	aussie928	04/08/05 09:43 PM
Thanks, aussie	Melody	04/09/05 01:00 AM
Re: Thanks, aussie	overtherainbow	04/10/05 12:02 PM
Re: Whew....yeah that's what happens for me	almostheaven	04/08/05 03:12 PM
Re: Whew....yeah that's what happens for me	overtherainbow	04/08/05 04:33 PM
Re: Do you...	overtherainbow	04/08/05 12:23 AM

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