Estimated Income Taxes (social security, years, payments, date)
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I've turned in the form to request withholding from my Social Security. However, I'm just taking a guess at what my taxable income might be in 2020. There are reasons that I don't know for sure (one of which is a small conversion I did from my tax deferred IRA to my Roth, which will probably make some of my SS benefits taxable).
Anyway, if I discover halfway through the year that it looks like my SS withheld amount for taxes won't amount to 90% of what I may owe, can a taxpayer make a one time estimated tax payment later in the year? (I know there's an Estimated Tax Payment form, but that's for a recurring quarterly estimated tax payment, I think.)
Does anyone know this? I've read up on this a bit, but I haven't seen this particular question addressed yet.
If you did the ROTH conversion in 2019 then the tax is a 2019 and not a 2020 item. You can change your SS deduction any time you want. You can also use the paper form or the online IRS site to make additional payments when ever you like. Just call it an estimated payment for the next quarter.
AFAIK, the IRS has never refused to cash a check. Just send them more than you think you will owe — they might even give the overage back to you at some point.
If you did the ROTH conversion in 2019 then the tax is a 2019 and not a 2020 item. You can change your SS deduction any time you want. You can also use the paper form or the online IRS site to make additional payments when ever you like. Just call it an estimated payment for the next quarter.
Oh, yes. I got confused. I plan on making another conversion next year. So it IS 2020 that I'm concerned about.
I'm ok for this year. I plan on making another conversion next year. I just did an estimated tax calculation for 2020, but I don't really know how it'll all work out for 2020. So I just elected to withdraw 10% from my SS, which I THINK will end up being about 90% of what I'll owe.
I don't want to pay penalties if it turns out I'm short next year, and I don't want to not be able to do the conversion next year (but I guess I have that option). I'd rather go ahead and pay up front, if I miscalculated my estimate.
My IRA is my largest account, so I'm trying to convert some $$$ to my Roth each year for the next several years before the RMD rule kicks in.
I'll call the IRS. That article seems to indicate that if someone didn't pay enough tax, he can still file for a one-time payment for end of year. (as you say, until 1/15/2020 for 2019 taxes).
I'm okay for 2019, so I am concerned about 2020 taxes, now. I misspoke when I talked about my conversion 2019 (I got confused). I'll be making another conversion in 2020, tho...I hope. So I estimated, but I can't know for sure until later in the year...I get income from dividends, sales of stocks that involve LT gains and ROC (sometimes unplanned).
You might want to pay a little extra on your 2019 tax for added security that you do not underpay and the excess will roll over to 2020.
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Just send them more than you think you will owe — they might even give the overage back to you at some point.
