Estimate Chart Income Tax Question

by Ted Diaz
(Pueblo, Co Pueblo)

Estimate Chart Income Tax Question

Estimate Chart Income Tax Question

Do you have a chart to show how much taxes I would have to pay when I retire with my pension and social security?

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Jun 12, 2018
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starstarstarstarstar 		Estimated Chart Income Tax Answer
by: Stephanie

Please refer to the following worksheet to determine how much of your benefits may be taxable:

Worksheet A. You can use Worksheet A to figure the amount of income to compare with your base amount. This is a quick way to check whether some of your benefits may be taxable.

Worksheet A. A Quick Way To Check if Your Benefits May Be Taxable Keep for your records

A. Enter the amount from box 5 of all your Forms SSA-1099 and RRB-1099. Include the full amount of any lump-sum benefit payments received in 2010, for 2010 and earlier years.

(If you received more than one form, combine the amounts from box 5 and enter the total.) - A.

Note. If the amount on line A is zero or less, stop here; none of your benefits are taxable this year.

B. Enter one-half of the amount on line A - B.

C. Enter your taxable pensions, wages, interest, dividends, and other taxable income - C.

D. Enter any tax-exempt interest income (such as interest on municipal bonds) plus any exclusions from income (listed earlier) - D.

E. Add lines B, C, and D - E.

Note. Compare the amount on line E to your base amount for your filing status. If the amount on line E equals or is less than the base amount for your filing status, none of your benefits are taxable this year.

If the amount on line E is more than your base amount, some of your benefits may be taxable. You need to complete Worksheet 1 on federal form 1040.

Hope this helps!

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Estimated Tax

I made a total withdrawal, without any withholding, from a traditional IRA in the amount of $615,651 on 9/6/2011. This amount in addition with pension and Social Security, makes my income tax for this year (2011) to be approximately $199,000.

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Total tax withholding for 2011 will be .....$622.

Expected total income tax for 2011 199,000.

Total tax paid last year (2010) was.... $12,898
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With the above information, can you answer the following questions about avoiding a penalty?

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*Do I have to pay the total estimated tax payment by Jan 17, 2012, of approximately $199,000?

*Can I pay an estimated tax payment of 110% of last year's total tax ($14,188) by Jan 17 and pay the remaining amount owed by April 15?

*Can I wait until April 15 and pay the actual total owed at that time?

*Can the income of $615,651 be spread over two years

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Jan 20, 2024
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starstarstarstarstar 		Timing Your Tax Payments
by: BB

Answer:

Do I have to pay the total estimated tax payment by Jan 17, 2012, of approximately $199,000?

Yes, to avoid penalties, it's advisable to pay the total estimated tax by January 17, 2012.
Can I pay an estimated tax payment of 110% of last year's total tax ($14,188) by Jan 17 and pay the remaining amount owed by April 15?

Yes, you can make an estimated tax payment of 110% of last year's total tax by January 17 and pay the remaining amount owed by April 15 to avoid penalties.
Can I wait until April 15 and pay the actual total owed at that time?

While you can wait until April 15 to pay the remaining amount, it's recommended to pay as much as possible by January 17 to minimize penalties and interest.
Can the income of $615,651 be spread over two years?

Generally, income from an IRA withdrawal is recognized in the year it is received. Consult with a tax professional to explore any available options for spreading the income, but it's crucial to comply with IRS regulations.

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Estimated Taxes Paid On My Behalf Without Consent or Knowledge

I am a share holder in a business corporation and estimated taxes were paid on my behalf without consent or knowldege or proper information as to what this applies to is this legal to use my social security number without permission?

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