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byudean12
New Member

I retired 01/01/17 and did not pay extimated taxes for Fed or State... Does this mean that I do not get the deduction for what I will pay in 2017?

 
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MichaelL1
Level 15

I retired 01/01/17 and did not pay extimated taxes for Fed or State... Does this mean that I do not get the deduction for what I will pay in 2017?

No, it just means if you did not pay quarterly estimates than you get no credit for them on the current year taxes.

So you may have had taxes withheld from the pension, and you will get credit for those taxes when the pension income is entered.

If you do owe money when return is all finished, the additional taxes paid in 2018 for the 2017, maybe a deduction on the 2018 return if you itemize. 

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MichaelL1
Level 15

I retired 01/01/17 and did not pay extimated taxes for Fed or State... Does this mean that I do not get the deduction for what I will pay in 2017?

No, it just means if you did not pay quarterly estimates than you get no credit for them on the current year taxes.

So you may have had taxes withheld from the pension, and you will get credit for those taxes when the pension income is entered.

If you do owe money when return is all finished, the additional taxes paid in 2018 for the 2017, maybe a deduction on the 2018 return if you itemize. 

View solution in original post

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