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Why does IRS care if I owe $1000 or more in taxes & need to pay estimated taxes for the current tax year? I don’t mind paying a big lump sum when due.
Paid 5 K two years ago & no worries. I look at it as a tax-free 5 K loan from the IRS. Is this why the IRS caps these "tax-free" loans at 1k?
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February 9, 2021
6:48 AM
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Get your taxes done using TurboTax
IRS doesn't want you to have a big tax bill on April 15th.
So much so that it will impose penalties.
February 9, 2021
6:52 AM
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Get your taxes done using TurboTax
Thx for the reply.
I guess the key is to stay under 1K, and then you get a tax-free loan you pay back in full by the following Apr 15. If >1K, you still get the “loan” but paying back in full + interest.
February 9, 2021
11:18 PM