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Why do I have to make 2017 NJ estimated taxes. I am not self-emploued nor did I received significant income from a non-wage source. I am retired on a fixed income.
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Why do I have to make 2017 NJ estimated taxes. I am not self-emploued nor did I received significant income from a non-wage source. I am retired on a fixed income.
The program produces these forms as a convenience for you to make the payments. You are not locked into those specific payments or possibly even need to make them.
The program will produce them automatically if you owed tax as the government requires you to withhold enough tax to cover your tax liability or make estimated tax payments. If you don't have enough withholding and you don't make estimated tax payments, then the IRS or your state can charge you with an underpayment penalty.
If you are a resident of NJ, then they will tax you on your pension income, so you should make sure your pension (or other source) is also withholding NJ taxes and then there should be no need to make estimated payments.
If you owed tax this year because of a one-time event and you won't owe next year, then you can decline to send any payments. You can also decline to send the payments even if you will owe tax next year, but you may be assessed an underpayment penalty if you are not withholding tax.
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Why do I have to make 2017 NJ estimated taxes. I am not self-emploued nor did I received significant income from a non-wage source. I am retired on a fixed income.
The program produces these forms as a convenience for you to make the payments. You are not locked into those specific payments or possibly even need to make them.
The program will produce them automatically if you owed tax as the government requires you to withhold enough tax to cover your tax liability or make estimated tax payments. If you don't have enough withholding and you don't make estimated tax payments, then the IRS or your state can charge you with an underpayment penalty.
If you are a resident of NJ, then they will tax you on your pension income, so you should make sure your pension (or other source) is also withholding NJ taxes and then there should be no need to make estimated payments.
If you owed tax this year because of a one-time event and you won't owe next year, then you can decline to send any payments. You can also decline to send the payments even if you will owe tax next year, but you may be assessed an underpayment penalty if you are not withholding tax.
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