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Posted by ed on August 17, 2007, 12:02 am
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> Thanks for the responses.
>
> I am not going to file Estimated Taxes. I will just play
> with my withholding at my regular job if necessary.
>
> I plugged the numbers into my spreadsheet, simulating my tax
> situation for this year. It says I will owe the Feds $730
> (not worried because my State refund will cover this amount)
>
> Instructions for 1040 Line 77 says. "You may owe this penalty
> if:"
> (1) Line 76 is at least $1,000...or
> (2) You did not pay enough estimated tax by any of the due
> dates.
> This is true even if you are due a refund.
>
> I am obiously good on #1 because the amount I owe is under
> $1,000
>
> It is #2 I am worried about. I am not going to pay any
> estimated taxes. But is the IRS going to say I should have,
> and then penalize me for not doing so?
Reread form 2210. within $1,000 without any installments is
enough to prevent any penalty. You're good.
ed
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