Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I've underpaid estimated taxes on my anticipated total

Customer Question
income from investments during the...
I've underpaid estimated taxes on my anticipated total income from investments during the year, because I'll receive a deferred comp payment of about $40K from a former employer in November The payment is reported on a W2 and taxes withheld as if this and SS were my only income. The payment pushes me into a higher tax bracket and leaves me $10K down from my current estimated tax. The comp payment is technically at risk as an unsecured debt.
Can I solve this by asking my former employer to withhold an additional $10K from the deferred comp?
If this won't work I'm planning to increase my estimated tax payment for at least January and pay a penalty.
Is this correct?
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 9 minutes by:
9/14/2015
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,162
Experience: Taxes, Immigration, Labor Relations
Verified

Yes - you may ask your employer to make withholding.
Generally - as that is considered a supplemental wages - not regular wages - your employer should withhold income tax at flat 25% rate without your request.
But you may verify if they plan to make such withholding.

Ask Your Own Tax Question
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,162
30,162 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I mailed a check to estimated taxes but it hasn't gone to
Second opinion] I mailed a check to estimated taxes but it hasn't gone to bank. should I be concerned … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
I mailed a check to estimated taxes but it hasn't gone to
Second opinion] I mailed a check to estimated taxes but it hasn't gone to bank. should I be concerned … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Second opinion] I mailed a check to estimated taxes but it
Second opinion] I mailed a check to estimated taxes but it hasn't gone to bank. should I be concerned … read more
Lev
Lev
Tax Advisor
30,162 satisfied customers
Tax Question: Non-Resident Withholding Tax, Franchise Tax
Tax Question: Non-Resident Withholding Tax, Franchise Tax Board, CA HISTORY: 1. The property is in California 2. The owner resides in outside of California 3. Metro Property Management collects monthl… read more
abci168
abci168
Principal
27 satisfied customers
I mailed a check to estimated taxes but it hasn't gone to
I mailed a check to estimated taxes but it hasn't gone to bank. should I be concerned … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
736 satisfied customers
What is the average % of withholding paid by employeer for
What is the average % of withholding paid by employeer for employee who is earning 100K / year… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Given that the current 1041 tax rate on 401(k) income is
Given that the current 1041 tax rate on 401(k) income is $3206 + 39.6% over $12,400, what will be the new tax rate and will it apply for 2017?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I need to prepare a non- withholding or reduce withholding
I need to prepare a non- withholding or reduce withholding certificate so my client can sign before transferring the tax to the IRS under FIRPA.My client and his brother owns an apartment for 500k 50%… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
If a new CEO discovers that this company is not withholding
If a new CEO discovers that this company is not withholding taxes or ssa per state/fed law on its undocumented workers, and does nothing about it (ie, continues the practice ) is he personally liable … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I need to print out estimated tax form, I need to make a
I need to print out estimated tax form JA: The Expert will know how to help. Please tell me more, so we can help you best. Customer: I need to make a estimated tax payment. JA: Is there anything else … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
What is the income tax rate if it is not withdrawn from the
Hi! What is the income tax rate if it is not withdrawn from the LLC? The owner has not withdrawn any balance from the business all the amount reinvested into the business. Thank you!… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
I realized that I forgot to send my June 15 estimated tax
I realized that I forgot to send my June 15 estimated tax payment for $1339. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have a question regarding estimating a tax withholding on
I have a question regarding estimating a tax withholding on retirement distribution … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,230 satisfied customers
I would like the forms for estimated income taxes. I would
I would like the forms for estimated income taxes. I would like to talk to someone in that department. I would like a phone number.… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
After i submitted our last estimated tax payment, I would
After i submitted our last estimated tax payment, I would have received a refund of $4.00. My wife then received $7384 from a trust as an inheritance which was submitted by the executor on a Schedule … read more
Lev
Lev
Tax Advisor
30,162 satisfied customers
I need to file Income Tax Withholding for the require of
I need to file Income Tax Withholding for the require of housing loan but I don't have,I'm self employed.how?… read more
Lev
Lev
Tax Advisor
30,162 satisfied customers
I made an estimated tax payment on January 3, 2017, my check
I made an estimated tax payment on January 3, 2017, my check no. 2057, $800,and the check has not cleared. My bank FFIB, First Florida Integrity Bank, told me to call IRS. They are too busy to take my… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I need to make an estimated tax payment because of IRA
I need to make an estimated tax payment because of IRA withdrawals and a Long-term profit on a sale of property. Can I do this online? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x