Question About Quarterly Tax Payments

[Neekie]

Ok! Well, I guess nobody knows the answer to this question. Tom, can you help, please? Will I have to pay a penalty?

[MyAngels]

Do you normally owe taxes over and above what your husband has withheld from his pay?

I know you don't have to pay quarterly taxes if you keep the amount you will have to pay with your return under $1,000.

I'm sure Tom will chime in with an answer if he sees this thread .

[Neekie]

Do you normally owe taxes over and above what your husband has withheld from his pay?

I know you don't have to pay quarterly taxes if you keep the amount you will have to pay with your return under $1,000.

I'm sure Tom will chime in with an answer if he sees this thread .

Yeah, I think I owe about 960 over and above what my husband has withheld, but that is just an estimate and so it would be close. I have more deductions this year also and so that should help.

[jojosmommy]

I think technically you have to pay a penality but technically you can be charged a penalty for overpaying your quarterlies too . Somehow they will get your money

We were charged a fee for underpayment of something a while back. Not quarterlies but I think after 2 years the fee plus interest was $24.
I would just send it all at once, call your tax person tell them the scoop and then at tax file time your tax person should be able to tell you the fee for not paying in at the required time.

We pay quarterlies and its a crap shoot. Every year we either way over pay or way under pay. Our deductions are all over the place so its impossible to estimate I guess. We have never paid a "fee" for that type of thing.

[Neekie]

I think technically you have to pay a penality but technically you can be charged a penalty for overpaying your quarterlies too . Somehow they will get your money

We were charged a fee for underpayment of something a while back. Not quarterlies but I think after 2 years the fee plus interest was $24.
I would just send it all at once, call your tax person tell them the scoop and then at tax file time your tax person should be able to tell you the fee for not paying in at the required time.

We pay quarterlies and its a crap shoot. Every year we either way over pay or way under pay. Our deductions are all over the place so its impossible to estimate I guess. We have never paid a "fee" for that type of thing.

Oh, I know! It is so hard to predict in this type of business. Well, like you said, I guess I will just have to pay them and hope for the best.

[Sunchimes]

If you haven't already, you might put this over in the Taxes forum. I'm not sure Tom checks the regular daycare forum regularly, but I know he keeps close tabs on the Taxes forum.

[Neekie]

If you haven't already, you might put this over in the Taxes forum. I'm not sure Tom checks the regular daycare forum regularly, but I know he keeps close tabs on the Taxes forum.

Thanks Sunchimes! daycare just did that for me. I think that will help!