IRS ESTIMATED TAX FORM
Does the 2013 Form 1040-ES (http://www.irs.gov/pub/irs-pdf/f1040es.pdf) reflect the changes which were merely passed by Congress following Obama become President? If not, how do I properly calculate the estimated taxes which I could pay based on the newly previous legislation?
Answer by wartz
Don’t count the taxes reductions till the president signs them into law.
Answer by Dances with Aardvarks
I usually stick to the standard “100% or 110% of LAST year’s taxes liability rule” plus only bank any additional because required when the projected taxes liability appears to be exceeding which amount. If it comes inside a small lower, I only roll the excess over to the upcoming year to lessen the minimal needed repayments upcoming year.
If it looks like money (plus consequently the taxes liability) is dropping precipitously I cut the quarterly repayments because required to satisfy the 90% tip for the active year.
Unsigned legislation not enters into the fray.
Answer by Judy1
The changes haven’t even been passed, though they possibly is inside the upcoming couple days, as well as the president may virtually definitely signal it when plus whenever it’s passed. It might take awhile before any calculators will be changed. The 1040ES shape doesn’t change – we merely show about which how much estimated taxes you’re paying. If it passes though with all the $ 400 cut, we can possibly minimize a quarterly repayments by $ 100.
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