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Jacy
Jacy, Certified Public Accountant (CPA)
Category: Tax
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Experience:  Nine years individual income tax preparation and consulting
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i AM RETIRED AND MY INCOME GENERALLY DOES NOT CHANGE THAT MUCH

Resolved Question:

i AM RETIRED AND MY INCOME GENERALLY DOES NOT CHANGE THAT MUCH FROM YEAR TO YEAR. I PAY ESTIMATED TAKES FOR THE PRESENTYEAR GENERALLY ON WHAT i EARNED THE PREVIOUS YEAR. I OWN SOME INCOME PRODUCING PROPERTY WHICH GENERATES INCOME FOR ME EACH YEAR. I HAVE NOT ACYIVELY TRIED TO SELL THIS PROPERTY. I WAS APPROACHED BY SOME PEOPLE TO BUY THIS PROPERTY AND I SOLD IT TO THEM.

I WILL BE RECEIVING THIS MONEY 12/29/2010.CAN I WAIT UNTIL 4/15/2011 TO PAY
THE ADDITIONAL TAX WITHOUT HAVING TO PAY A PENALTY OR DUE I HAVE TO INCREASE MY ADDITONAL TAX NOW WITHOUT A PENALTY.tHERE WILL BE A PROFIT ON THE SALE OF THE PROPERTY. MY FINAL ESTIMATED TAX IS DUE 1/15/2011;HOWEVER IN ALL PAST YEARS I MAKE THIS PAYMENT BEFORE 12/31.

PLEASE ADVISE

TOM EICHHORN XXX@XXXXXX.XXX or XXX-XXX-XXXX
Submitted: 3 years ago.
Category: Tax
Expert:  Jacy replied 3 years ago.

Jacy :

Hello,

Jacy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 568
Experience: Nine years individual income tax preparation and consulting
Jacy and 4 other Tax Specialists are ready to help you
Expert:  Jacy replied 3 years ago.
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Expert:  Jacy replied 3 years ago.

Hello,

 

In order to avoid an estimated tax penalty, you must pay in at least 90% of the current years (2010) tax with your quarterly payments, or at least 100% of last years tax.

 

So, if you can look at your 2009 tax return, find the line that says TOTAL TAX. On form 1040, this will be line 60. Just make sure your total quarterly payments are more than this amount, and then you can pay the balance due from your sale on April 15, 2011. It's always nice to keep the cash in your bank for as long as possible.

 

Thank you for your question,

 

Jacy

 

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