Solved: Am I required to pay state, GA, est. taxes for next year? My income will drop to half of what it is this year. Would increasing my state withholding cover it?
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big67red
New Member

Am I required to pay state, GA, est. taxes for next year? My income will drop to half of what it is this year. Would increasing my state withholding cover it?

 
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MichaelMc
New Member

Am I required to pay state, GA, est. taxes for next year? My income will drop to half of what it is this year. Would increasing my state withholding cover it?

Estimated tax payments are not required; they are suggested as away to prevent unpleasant surprises at the tax due date the following year and to reduce the probability of a penalty being imposed for under-withholding.

If you know that your income is going to fall substantially in 2017, you can adjust your quarterly tax payments. Or, as you indicated that you also have wages from which withholding can be taken, you can instruct your employer to increase your withholding.

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MichaelMc
New Member

Am I required to pay state, GA, est. taxes for next year? My income will drop to half of what it is this year. Would increasing my state withholding cover it?

Estimated tax payments are not required; they are suggested as away to prevent unpleasant surprises at the tax due date the following year and to reduce the probability of a penalty being imposed for under-withholding.

If you know that your income is going to fall substantially in 2017, you can adjust your quarterly tax payments. Or, as you indicated that you also have wages from which withholding can be taken, you can instruct your employer to increase your withholding.

View solution in original post

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