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Wife paid $20,000 dollars last year. Should she pay some money a little during the year, and if yes what form would she use to mail the money in with. Thanks, Ron

 
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Wife paid $20,000 dollars last year. Should she pay some money a little during the year, and if yes what form would she use to mail the money in with. Thanks, Ron

You mean she WAS paid 20,000?  For what?  For self employment?  I assume they didn't take taxes out of it?

 

You must make quarterly estimated tax payments for the current tax year if both of the following apply:

- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

 

- 2. You expect your withholding and credits to be less than the smaller of:

90% of the tax to be shown on your current year’s tax return, or

100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).


The 1040ES quarterly estimates are due April 18 June 15, Sept 15 and Jan 17, 2023. Your state will also have their own estimate forms.

 

How to make the Estimated payments
https://ttlc.intuit.com/community/tax-payments/help/how-do-i-make-estimated-tax-payments/00/25875


Here are the blank Estimates and instructions…..
https://www.irs.gov/pub/irs-pdf/f1040es.pdf

 

To prepare estimates for next year you need to be in your current return. If you can't get your return open, Try this, you can sign back onto your account, click on Add a State. This should get you back into your return. Be very careful not to change anything in your actual return.

 

In TurboTax Online, sign in to your account.
Select Tax Home in the left menu.
Scroll down to Your tax returns & documents.
Select 2021, and then select Add a State (you're not actually adding a state, this just gets you back into your return so you can make changes).


Search by typing in W4. Hit the Enter or Return key to get the Jump to w4 link to show up. Go to the W4 page and it will ask if you want to Change your W4. Click on NO. The next page will start the Estimates.

Wife paid $20,000 dollars last year. Should she pay some money a little during the year, and if yes what form would she use to mail the money in with. Thanks, Ron

Oh, if you mean she owed 20,000 on her tax return then yes she should pay in estimates.  Turbo Tax should have printed some out for her to use.  Send in the 1040ES slips for 2022.  

 

Here are the blank Estimates and instructions…..
https://www.irs.gov/pub/irs-pdf/f1040es.pdf

 

Wife paid $20,000 dollars last year. Should she pay some money a little during the year, and if yes what form would she use to mail the money in with. Thanks, Ron

Hi and thanks but no my wife paid the IRS $20,000 in taxes and now they want more.

I herd that she could be fined for not paying a little along. 

I got the form off the other email.

Thanks

Ron

Wife paid $20,000 dollars last year. Should she pay some money a little during the year, and if yes what form would she use to mail the money in with. Thanks, Ron

Please contact your TT Live rep.

Wife paid $20,000 dollars last year. Should she pay some money a little during the year, and if yes what form would she use to mail the money in with. Thanks, Ron

You're paying a lot extra for a "Live" CPA but if you're not using that resource you pay extra for no reason.

Don't Sign up for "Live" service.

Carl
Level 15

Wife paid $20,000 dollars last year. Should she pay some money a little during the year, and if yes what form would she use to mail the money in with. Thanks, Ron

my wife paid the IRS $20,000 in taxes and now they want more.

I herd that she could be fined for not paying a little along.

You can still be subject to an underpayment penalty even if you did make quarterly payments. If you didn't pay enough for each quarter, then an underpayment penalty can still be assessed. For more information see https://www.irs.gov/payments/underpayment-of-estimated-tax-by-individuals-penalty

 

 

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