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First, we have used Turbo Tax to do our income tax returns

First, we have used Turbo Tax to do our income tax returns for last two years. For tax year 2015, we owed $6000 in taxes, which we paid when we filed our return electronically. But Turbo Tax said our estimated taxes due would be $1850 per quarter, instead of $1500.(which is $6000 divided by 4). I thought the estimated taxes were calculated on the amount due at the time of filing the return, which was $6000. Is this true?I am paying the $1500 amount, instead of the $1850, but not on the schedule exactly laid out by Turbo Tax, but by Jan 2016, the total amount (which will be $6000) of the estimated tax will be paid. Anyway, if I have not paid the estimated taxes exactly on time, will we get penalized when we file our 2016 tax return? If so, how much?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,188 satisfied customers
I am a widow and my husband had a pension, i did not know

I am a widow and my husband had a pension, i did not know about until they notified me, long story short i received a lump sum plus a small monthly payment.My question do I file an estimated income tax for the amount received ? or do I count it as income on next years taxes.Thank youHelen

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,670 satisfied customers
I have an LLC that is registered as a foreign corporation in

I have an LLC that is registered as a foreign corporation in the State of Maryland, because I bought a house in Maryland for investment purposes. What tax forms and other paperwork do I need to file for the 2015 tax year in Maryland?

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Robin D.

Vocational, Technical or Trade School

21,180 satisfied customers
I am a the single owner and employee of an S corp. I have an

I am a the single owner and employee of an S corp. I have an established salary, and my accountant provides the service of paying my FICA/payroll tax on a monthly basis. However, he does not do any Federal income tax withholding for my monthly salary, and says that I can just do quarterly estimated tax payments. Is this correct?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,670 satisfied customers
If you are a single male living in an apartment can you

If you are a single male living in an apartment can you claim 3 for dependents ( 1 single 1 head of household and 1 automatically ) or what do you claim

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,188 satisfied customers
I sold my house and it closes the first week of June. I will

I sold my house and it closes the first week of June. I will have a long term capital gain of approx. $350k after the $500k exclusion for married couples. Do I need to estimate my long-term capital gains tax and pay quarterly estimated payments beginning June 15?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,670 satisfied customers
How do I find out if an inherited annuity is taxable or not?

How do I find out if an inherited annuity is taxable or not? We inherited 26,000 in annuities from my father in law. We went ahead and filed 1040 ES right away and paid federal and state taxes. We are older and don't want any troubles with the IRS.However, my in laws are now telling me that the annuities were in a trust and we were beneficiaries of a trust so no taxes are due.This doesn't seem to make sense. My father in law was earning "interest" over the cost of the annuities. Someone has to pay taxes on the earnings it would seem, and my father in law passed away leaving all the money untouched.It's not much , but we did pay nearly taxes upfront.Any advice? It's not so much money that we'd want to spend thousands to find out we owed the taxes or didn't.Thank you. We simply got a check in the mail as beneficiary of the annuities for the estate of my father in law.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,670 satisfied customers
I have a question about personal income taxes

I have a question about personal income taxes and estimated tax payments. Do you have a telephone service or just an online chat module?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
I previously got an answer from Lev about the following. I

I previously got an answer from Lev about the following. I am an ER doctor and I work at freestanding ER's. I have partnership interests of 3 % and get profit sharing. I also get 1099 income for the work I do as an ER doc. This year taxes were bad because self employmeny taxes applied to my income were 58%. so I asked him if I could save on self employment taxes by putting an s corp in effect. He ran some projections with $200K income and $120K salary and showed $12,400 tax savings. More realistic numbers, the numbers for 2015 are:$700,000 income divided as follows:$500,000 1099 income$200,000 distributionsHe ran projections where I took $120,000 salary. A more realistic salary is $300,000 with $400,000 passed through. Using an s corp with that salary, how much self employmeny tax would I save if I went to an s corp next year.It does not look like I can do it this year as I have too much money to pay in to retirement accounts before the October deadline to handle the withholding.Also, how early in the year do you have to begin taking taxes an an s corp and, I already have a PLLC, can I elecet taxation as an s corp and how do I do that.The latter question is moot if, as I suspect, I do not save enough money with the $300,000 salary to make it worthwhile.Dr Konjoyan

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
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