Estimated tax 2013 and 2014

Mar 07, 2014 1 Replies
M

Is this a correct statement? Generally, just use the 2012 amount of tax you owed to figure your 2013 IRS estimated tax payments. You pay 100% of what you owed in 2012, split up into four equal payments to be made in 2013.



Do the same for 2014?



I get confused by line 14b on form 1040ES which says "(see instructions)" and then fail to make clear "where". I have the 12 pages in pdf form and instructions.



The H&R Deluxe does NOT provide the IRS amounts - only for Calif tax. The it hints that penalties may be levied..



Mic


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R

Not always. Sometimes the amount is 110% (if your prior year AGI is over 150k). And sometimes it is 66% (for farmers and fisherman).

Also, if this year's income is less than last, then it is only necessary to pay 90% of this year's estimated income through estimated payments.

And for state the amoutns vary. In California the quarterly payments are not equal. A greater percentage is paid in the first quarter.

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