Can I make just state estimated tax payments?

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Subject Author Date Can I make just state estimated tax payments? Ted 05-30-2008  Re: Can I make just state estimated tax payments? Arthur Kamlet 05-31-2008  Re: Can I make just state estimated tax payments? DF2 05-31-2008  Re: Can I make just state estimated tax payments? Ted 05-31-2008  Re: Can I make just state estimated tax payments? Bill Brown 05-31-2008  Re: Can I make just state estimated tax payments? KEBSCHULLW 05-31-2008  Re: Can I make just state estimated tax payments? Mark Bole 05-31-2008  Re: Can I make just state estimated tax payments? Ted 05-31-2008  Re: Can I make just state estimated tax payments? removeps-groups@yahoo.com 06-02-2008  Re: Can I make just state estimated tax payments? KEBSCHULLW 05-31-2008  Re: Can I make just state estimated tax payments? Mark Bole 05-31-2008  Re: Can I make just state estimated tax payments? KEBSCHULLW 05-31-2008  Re: Can I make just state estimated tax payments? Ted 06-01-2008  Re: Can I make just state estimated tax payments? KEBSCHULLW 06-02-2008  Re: Can I make just state estimated tax payments? KEBSCHULLW 06-02-2008  Re: Can I make just state estimated tax payments? Bill Brown 05-31-2008  Re: Can I make just state estimated tax payments? removeps-groups@yahoo.com 06-02-2008
Posted by Ted on May 30, 2008, 11:58 pm Please log in for more thread options I will have enough W2 withholding to put me in safe harbor this year, but I will also have some very large and unique capital gains. I am afraid if I pay the state tax on it next year I won't have enough income in 2009 to take advantage of the deduction. As such I would like to pay estimated state taxes this year to get the deduction against my 2008 income. Can I just pay state estimated taxes, or must I also pay appropriate federal estimated taxes as well? I would like to hold on to my money if I can, but want to do things properly. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Arthur Kamlet on May 31, 2008, 12:20 am Please log in for more thread options >I will have enough W2 withholding to put me in safe harbor this year, but I >will also have some very large and unique capital gains. I am afraid if I >pay the state tax on it next year I won't have enough income in 2009 to take >advantage of the deduction. As such I would like to pay estimated state >taxes this year to get the deduction against my 2008 income. > >Can I just pay state estimated taxes, or must I also pay appropriate federal >estimated taxes as well? I would like to hold on to my money if I can, but >want to do things properly. State and federal estimates are two completely different things. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by DF2 on May 31, 2008, 12:21 am Please log in for more thread options In misc.taxes.moderated, Ted wrote: >I will have enough W2 withholding to put me in safe harbor this year, but I >will also have some very large and unique capital gains. I am afraid if I >pay the state tax on it next year I won't have enough income in 2009 to take >advantage of the deduction. As such I would like to pay estimated state >taxes this year to get the deduction against my 2008 income. > >Can I just pay state estimated taxes, or must I also pay appropriate federal >estimated taxes as well? The former. No problem. > I would like to hold on to my money if I can, but >want to do things properly. Any state refund next year would be considered income if you itemize for 2008. You don't want to grossly overpay, but you can move the payments you want to make into 2008. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Ted on May 31, 2008, 9:21 am Please log in for more thread options > In misc.taxes.moderated, Ted wrote: > >>I will have enough W2 withholding to put me in safe harbor this year, but >>I >>will also have some very large and unique capital gains. I am afraid if I >>pay the state tax on it next year I won't have enough income in 2009 to >>take >>advantage of the deduction. As such I would like to pay estimated state >>taxes this year to get the deduction against my 2008 income. >> >>Can I just pay state estimated taxes, or must I also pay appropriate >>federal >>estimated taxes as well? > > The former. No problem. > >> I would like to hold on to my money if I can, but >>want to do things properly. > > Any state refund next year would be considered income if you itemize > for 2008. You don't want to grossly overpay, but you can move the > payments you want to make into 2008. > Well, that raises an interesting question. If I do grossly over pay and get a refund I will get a deduction for the overpayment, but won't have to pay tax on the refund; just the way AMT plays out according to taxcut. Is that okay? -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Bill Brown on May 31, 2008, 10:27 am Please log in for more thread options > > Well, that raises an interesting question.  If I do grossly over pay and get > a refund I will get a deduction for the overpayment, but won't have to pay > tax on the refund; just the way AMT plays out according to taxcut. > > Is that okay? Without checking anything, that sounds highly unlikely to me. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Big deduction for state tax: implications on estimated tax payments, AMT, penalties June 12, 2008, 9:51 pm 1099Gs (state income tax refunds) don't make sense February 27, 2010, 7:52 pm New C corp. - Estimated tax payments? 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