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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2608
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I made all my income in 1099s as a designer. 2015 totals $51,750. There is a missing 1099,

Customer Question

I made all my income in 1099s as a designer. 2015 totals $51,750. There is a missing 1099, and I don't know how to estimate my taxes I
don't owe to file an extension. Can I file an extension with a check for $500 today and file with a cpa later in the week to avoid late filing penalties?
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.
Hi,...There could still be a small penalty if the underpayment wasn't enough to cover what the taxes turn out to be....There'll be no late filing penalty at all though...If you know the AMOUNT of the 1099, and can tell me how you file (single, joint, etc) then I can run a quick model to see what the additional tax on that last 1099 would be, if you like
Customer: replied 1 year ago.
The amount is approx $800. I file married filing separately.
Expert:  Lane replied 1 year ago.
Estimated Tax AnalysisGross income$58,750Qualified plan contributions-$0Adjusted gross income=$58,750Standard/Itemized deductions-$6,300Personal exemptions-$4,000Taxable income=$48,450Tax liability before credits$7,906Child tax credits-$0Estimated tax liability=$7,906
Expert:  Lane replied 1 year ago.
That assumes that you made no estimated payments or had any tax withheld