Discussion:2007 Required Federal Tax Estimates

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Discussion Forum Index --> Tax Questions --> 2007 Required Federal Tax Estimates

Belmont8 (talk|edits) said:

13 September 2007
Taxpayer's taxable income for 2006 will be around $283,096.....his projected tax (Income and S/E taxes) will be $102,000. For 2007, I project his taxable income will be $2,200,000 ($2.2 Million). What is my requirement regarding his 2007 estimates. I am correct... that I need only make estimates of $112,200 (110% of 2006 tax liability) , and pay the additonal tax by 4/15/2008 ?

Just want to be sure...thx

JR1 (talk|edits) said:

September 13, 2007

Death&Taxes (talk|edits) said:

13 September 2007
As long as the 112,000 is made in four equal installments. Won't work if you try to have him pay it in one or two payments now. Even if you make the catchup for the third quarter, ie, pay 84K of tax now, he will be penalized for quarters one and two.

Will (talk|edits) said:

13 September 2007
If he receives w-2 wages from an entity you can do some catch-up there...

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