help me pls

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help me pls

Postby taxhelp » Sat Dec 22, 2018 12:11 am

hi guys. does anyone know when/how we have to report our taxes or pay quarterly or whatever? how do you do that? thank you
taxhelp
 

Re: help me pls

Postby CSMajor » Wed Dec 26, 2018 9:02 pm

You pay quarterly before April 15th, June 15th, September 15th, and January 15th. You basically take what you expect to owe by the end of the year and divide it by 4 then pay. (As a BS making the 25k stipend, 12k internship, and roughly $16k in school refunds from other scholarships) I ended up paying around $1000 per quarter (thank you tax reform!)

Your mileage will vary and I still expect to owe some this year, but hopefully no more than $500-600.

https://www.irs.gov/payments

Remember, you are not self employed so consult your CPA about making sure your stipends are taxed correctly.
CSMajor
 

Re: help me pls

Postby LostinCyberspace » Wed Dec 26, 2018 9:49 pm

CSMajor wrote:You pay quarterly before April 15th, June 15th, September 15th, and January 15th. You basically take what you expect to owe by the end of the year and divide it by 4 then pay. (As a BS making the 25k stipend, 12k internship, and roughly $16k in school refunds from other scholarships) I ended up paying around $1000 per quarter (thank you tax reform!)

Your mileage will vary and I still expect to owe some this year, but hopefully no more than $500-600.

https://www.irs.gov/payments

Remember, you are not self employed so consult your CPA about making sure your stipends are taxed correctly.

So, first year taxes are due in April? (I was also self employed this year, so I know those taxes will be due in January.)
LostinCyberspace
 

Re: help me pls

Postby littleconfused » Fri Dec 28, 2018 4:16 pm

CSMajor wrote:You pay quarterly before April 15th, June 15th, September 15th, and January 15th. You basically take what you expect to owe by the end of the year and divide it by 4 then pay. (As a BS making the 25k stipend, 12k internship, and roughly $16k in school refunds from other scholarships) I ended up paying around $1000 per quarter (thank you tax reform!)

Your mileage will vary and I still expect to owe some this year, but hopefully no more than $500-600.

https://www.irs.gov/payments

Remember, you are not self employed so consult your CPA about making sure your stipends are taxed correctly.


If we are still in school receiving stipends, do we have to pay quarterly? Or can we pay once a year and be okay?
littleconfused
 

Re: help me pls

Postby Guest1234 » Sat Dec 29, 2018 9:05 am

littleconfused wrote:
CSMajor wrote:You pay quarterly before April 15th, June 15th, September 15th, and January 15th. You basically take what you expect to owe by the end of the year and divide it by 4 then pay. (As a BS making the 25k stipend, 12k internship, and roughly $16k in school refunds from other scholarships) I ended up paying around $1000 per quarter (thank you tax reform!)

Your mileage will vary and I still expect to owe some this year, but hopefully no more than $500-600.

https://www.irs.gov/payments

Remember, you are not self employed so consult your CPA about making sure your stipends are taxed correctly.


If we are still in school receiving stipends, do we have to pay quarterly? Or can we pay once a year and be okay?


Yes. You have to pay quarterly, otherwise the IRS can tack on a penalty for not doing so and get interest on what you were supposed to be paying.
Guest1234
 

Re: help me pls

Postby confused » Mon Jan 07, 2019 1:24 pm

wait so if we are in our first year of the scholarship meaning we have only been receiving payments since august... do we owe money by January 15? thanks for the help!
confused
 

Re: help me pls

Postby SmartParent » Mon Jan 07, 2019 8:53 pm

confused wrote:wait so if we are in our first year of the scholarship meaning we have only been receiving payments since august... do we owe money by January 15? thanks for the help!


Yes you generally need to pay quarterly and the last quarter is due January 15th but you may be able to just pay when filing your taxes in April if you meet the "safe harbor" requirements. (You might try googling the terms: estimated taxes safe harbor 2018.) However, for the next year you will almost certainly need to be making quarterly estimated tax payments.
SmartParent
 
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Joined: Sun Sep 03, 2017 6:28 pm

Re: help me pls

Postby redmath » Fri Jan 18, 2019 1:09 pm

Does this change if you have a spouse that is in a job and paying taxes?
redmath
 

Re: help me pls

Postby Taxman » Fri Jan 18, 2019 4:59 pm

redmath wrote:Does this change if you have a spouse that is in a job and paying taxes?


Not significantly, you'll likely need to pay some amount of estimated taxes on your portion of the income still. You will need to pay at least 100% of what you both owed last year or 90% of what you owe this year in order to avoid penalties. The tax withdrawal from your spouse's income should at least cover your obligation to pay estimated taxes on their portion of the shared income, but I would be surprised if they are having enough withdrawn that it will cover the tax burden from your income as well. I would use turbotax to calculate the estimate of what you need to pay, since is will account for the two incomes and the portion of the burden that withdrawal covers.
Taxman
 


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