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What else can I help you with?
What if I overpay my estimated taxes?
If you overpay your estimated taxes, you will receive a refund for the excess amount when you file your tax return. This refund will be issued by the tax authorities.
What is the estimated tax penalty for line 79 on my tax return?
The estimated tax penalty for line 79 on your tax return is typically 0.5 of the unpaid tax amount per month, up to a maximum of 25.
Why do I owe 6000 in taxes?
You owe 6000 in taxes because the amount of taxes you owe is based on your income, deductions, and credits. If you didn't have enough taxes withheld from your paychecks throughout the year or didn't make estimated tax payments, you may owe money when you file your tax return.
Can I deduct back state tax payments on my tax return?
Yes, you can deduct state tax payments on your federal tax return if you itemize your deductions.
How can I return a Zelle payment?
To return a Zelle payment, you can contact your bank or financial institution and request a reversal of the transaction. You may need to provide details such as the amount, recipient's information, and reason for the return. It's important to act promptly as there may be time limits for reversing payments.
What is the word for Excess of your withholding and estimated tax payments?
Amount of taxes that were overpaid to the IRS The excess amount of your withholding and estimated tax payments would be the amount that is MORE than your federal tax liability on your correctly completed federal 1040 income tax return and would be the amount of the REFUND that you could possibly receive after sending your tax return to the correct IRS address. Overpayment amount of taxes
When do you have to pay federal income tax?
Your taxes must be paid through out the year. That is, by either payroll withholding or making estimated payments on your estimated amount due quarterly...with a Form 1040-ES. Not making payments through the year will incur a penalty and interest charge whenever you do eventually pay. That would presumably be sometime before April 15, along with your return filing, for the year the payments should have been made.
How do you pay your income tax if you are self-employed?
9.3 Estimated Tax: IndividualsHow do I know if I have to file quarterly individual estimated tax payments?Estimated tax payments can be used to pay Federal income tax, self-employment tax, and household employment tax. To estimate if you need to pay tax on income not subject to withholding or on other income from which not enough tax is withheld, you need to calculate if the total tax you'll owe on your annual income tax return will be covered by the amount of tax you have already had either:withheld from wages and other payments, orpaid in earlier estimated payments for the year, orcredited to your account from adjustments or overpayments to previously filed returns.Generally, you should make estimated tax payments if you will owe tax more, than an amount specific by law, after withholding and credits, and the total amount of tax withheld and your credits will be less than the smaller of:90% of the tax to be shown on your current tax return, or100% of the tax shown on your prior year's tax return, if your prior year's tax return covered all 12 months of the year. However, if your prior year's adjusted gross income exceeded a certain amount based on your filing status, then you must pay 110% instead of 100% of last year's tax. (Note: the percentages change depending on the tax year. Refer to Chapter 2 of Publication 505, Tax Withholding and Estimated Tax.)Estimated tax requirements are different for farmers and fishermen. Publication 505, Chapter 2, 3, & 4, Tax Withholding and Estimated Tax, provides more information about these special estimated tax rules and about estimated tax in general. Get Form 1040-ES (PDF), Estimated Tax for Individuals, to help you figure your estimated tax liability.References:Publication 505, Tax Withholding and Estimated TaxForm 1040-ES (PDF), Estimated Tax for IndividualsDo self-employment taxes need to be paid quarterly or yearly?Self-employment tax is paid by making quarterly estimated tax payments which include both income tax and social security tax.When are the quarterly estimated tax returns due?Your first estimated tax payment is usually due the 15th of April. You may pay the entire year's estimated tax at that time, or you may pay your estimated tax in four payments. The four payments are due April 15th, June 15th, September 15, and January 15th of the following year.If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be on time if you make it on the next day that is not a Saturday, Sunday, or legal holiday.How do I report the estimated payments I have made when I file my taxes at the end of the year?Take credit for all your estimated tax payments in the "Payments" section of Form 1040 (PDF), U.S. Individual Income Tax Return, or Form 1040A (PDF) , U.S. Individual Income Tax Return.
List of things you need for a tax refund?
A properly calculated and filed tax return. An overpayment of tax, through withholding or estimated quarterly payments, compared to the tax required by the return.
What if I overpay my estimated taxes?
If you overpay your estimated taxes, you will receive a refund for the excess amount when you file your tax return. This refund will be issued by the tax authorities.
What are online tools for estimated tax returns?
At www.taxact.com while you are filling out your tax return in the upper right hand corner it will tell you your estimated tax return amount (whether it be paying in or getting money back).
What is the estimated tax penalty for line 79 on my tax return?
The estimated tax penalty for line 79 on your tax return is typically 0.5 of the unpaid tax amount per month, up to a maximum of 25.
When to pay tax for capital gain from stock sells?
It is reported as income in the year of the sale. Your estimated payments, as well as your return for that year should reflect the tax on this.
When do you receive income tax?
Income tax isn't recieved, it is paid. If you over pay, and a you file a return properly, you will get the overpayment refunded....but you will still have paid an amount. Returns aren't payments. They are forms reporting the financial affairs for the entire year of the person filing. The payment of the money - the tax - has already been done by payroll withholding or estimated quarterly payments in the year being reported...in this case in 2008, while the return is filed in 2009. If the amount paid in through 2008 was too high a refund is sent (which may also include types of benefit payments for the poor). If not enough was paid in, the extra is paid with the return. When any of that happens depends a lot on your actions, your payments vs actual tax due, your filing of a return and refund request (and how accurate it is, complex it is, supported it is, if electronic or not, etc., etc). Sometimes I wonder what people could possibly be thinking.
Can you get a tax return for daycare payments Not head of household?
Can you get a tax return for daycare payments Not head of househols
Are 2008 federal tax returns being split into two payments?
Returns aren't payments. They are forms reporting the financial affairs for the entire year of the person filing. The payment of the money - the tax - has already been done by payroll withholding or estimated quarterly payments he year being reported...in this case in 2008, while the return is filed in 2009. If the amount paid in through 2008 was too high a refund is sent (which may also include types of benefit payments for the poor). If not enough was paid in, the extra is paid eith the return. Sometimes I wonder what people could possibly be thinking.
Why do I owe 6000 in taxes?
You owe 6000 in taxes because the amount of taxes you owe is based on your income, deductions, and credits. If you didn't have enough taxes withheld from your paychecks throughout the year or didn't make estimated tax payments, you may owe money when you file your tax return.
