Does anyone have any advise for paying the 4th quarter estimated taxes by Dec. 31, 2012 instead of waiting until Jan 15th? Can the estimated taxes to the Federal be different for one quarter if we know we have paid more than was needed for the other quarters? We did not annualize. Turbo Tax came up with a amount. thanks
The quarters don't have to be the same as long as you pay in the correct amount for the whole year, at one time it was, I believe, 80% of what you would have owed. If you are filing a joint return and your spouse has paid in, that counts against the total amount due. I was self employed for 25 years, it was rare that I paid in the same amount each quarter but I could always count on my wife's witholding to cover at least half of what would be due for the year.
I know it's past January 15, but for future reference, if memory serves, by January 15, 2013, you should have paid in either (1) 100% of the Estimated Taxes that you paid for Tax Year 2011 or (2) 90% of the TOTAL taxes that will be due for Tax Year 2012 by April 15, 2013, whichever is LESS, or you will face an Estimated Tax Penalty. Caveat: I am not a CPA.