I am self-employed (have no W-2s) and receive income from which no federal or state taxes are withheld. Same holds for investment and dividend income. I make quarterly tax payments which appear under "Estimates" in the Deductions & Credits tab, but here's my question: Why is there an entry under Other Income Taxes in this tab? None of what is listed under the Learn More popup applies to me? Where did this figure come from and how do I get rid of it?
You'll need to sign in or create an account to connect with an expert.
Other taxes could be any of the following:
Self-Employment tax
Unreported SS & Medicare tax
10% Early Distribution of Retirement plans penalty
Advance EIC from W-2
Household Employment tax
Etc.
Like some could be for State and local taxes paid...
-any state withholding from your paychecks, retirement checks, unemployment checks, etc.
-a state tax due (for any year) you paid last year
-any state estimated tax payments you made during year including an overpayment applied from last year
-any local taxes withheld on your checks like SDI in box 14 or 19 on your W2
Thank you VolvoGirl for responding. Am I not understanding something here? This section supposedly lists taxes which have already been paid, and all that I have paid were made by submitting quarterly payments. There are no documents, W-2, etc from which to conclude that I had paid any taxes or had taxes withheld other than my quarterly payments.
You were right! It seems the amount shown is that due to the state for under-withholding last year.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
bell2chainz
New Member
nnn0qsa
New Member
LMurray1
Level 2
socceringrid
New Member
erin31
New Member