Divorce Source: April 15th Alimony and Estimated Tax Payments

Encyclopedia

Checklists

Tools

Downloads

Bookstore

Start Your Divorce Today - Premium Divorce Online

You are not logged in. [Login]
NEW USER Registration

DS Home · Community Forums · All Forums/Msg. Centers
NEW USER Registration · Search Community Forums · Help

Divorce Source Community Forums >> Women's Rights

overtherainbow
enthusiast

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

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

04/08/05 04:33 PM

The IRS doesn't care a rats ass about refunds. They care if you owe them more than 10% of the total tax liability. If you owe them more than 10% of the toal tax liability or if you did not pay in 100 per cent of last years tax liability you get hit with a penalty. You have to be careful in particular if you are recieiving large alimony checks and are having no money withheld (w-2) and have few exemptions/ deductions. In that situation--the new divorcee will get penalties on 2005 tax return for underpayment of tax. Just something to watch out for depending upon your individual situation. The more you owe the higher the penalty. If that is your situation ya gotta realize ya gotta sock away a portion of the alimony to pay the quarterly tax bill.If you don't know how much you can call the IRS and they will calculate it for you for the estimated payments--that's what I did. That's what I have to do--but my ex was high income and I am only working part time now--so I am getting substantial alimony. May not be everyone's situation. Just something for some women to be aware of. Also it is better for all women to learn how to do their own taxes. The tax prep places are rip offs. It isn't that hard to figure out. The computer tax programs are terrific and only cost about $30 -$40 bucks.

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

Extra information

0 registered and 1 anonymous users are browsing this forum.

Moderator: dsAdmin

Forum Permissions
      You cannot start new topics
      You cannot reply to topics
      HTML is disabled
      UBBCode is disabled

Rating:
Thread views: 7895

Jump to

Divorce Source Home

UBB.threads™ 6.5.1.1

Resources & Tools

	Start Your Divorce Several Options to Get Started Today.		Online Divorce Tools Keeping it Simple to Get the Job Done.
	Download Center Instantly Download Books, Guides & Forms.		Discount Books Over 100 of the Best Divorce & Custody Books.
	Negotiate Online Settle your Divorce and Save.		Custody Scheduling Make Sure You Document Everything.

Easily Connect With a Lawyer or Mediator

Have Divorce Professionals from Your Area Contact You!