April 15, 2010
February 20, 2011
April 15, 2014
April 15, 2013
An individual whose only income is from self-employment will have to pay estimated payments.
If insufficient tax is paid through withholding, estimated payments may still be necessary.
Estimated tax payments are required when the withholding taxes are greater than the overall tax liability.
Estimated tax is used to pay not only income tax, but self-employment tax and Alternative Minimum Tax as well.
A bad debt from a worthless security
Living outside the country for three years
Exceptions for military personnel
An injured spouse claim
Dottie is still required to make estimated tax payments in 2010.
Dottie is not required to make estimated tax payments in 2010
Dottie must pay a minimum of $2,500 in estimated tax in 2010, or she will be subject to a penalty.
Dottie must make a minimum of $2,250 (90% x $2,500) in estimated tax payments in 2010, or she will be subject to a penalty.
Charles does not need to pay estimated taxes in 2010.
Charles is required to make estimated tax payments in 2010.
Charles is required to adjust his withholding. He cannot make estimated tax payments because he is an employee.
None of the above.
Audrey is required to pay estimated tax in 2010.
Audrey is NOT required to pay estimated tax for 2010.
Audrey must pay at least $1,500 in estimated tax for 2010.
None of the above.
Interest is not assessed on any income tax due if Form 4868 is filed.
Form 4868 provides the taxpayer with an automatic six-month extension to file and pay.
Even though a taxpayer files Form 4868, she will owe interest and may be charged a late payment penalty on the amount owed if the tax is not paid by the due date.
A U.S. citizen, who is out of the country on vacation on April 18, 2011, will be allowed an additional twelve months to file as long as "Out of the Country" is written across the top of Form 1040.