If my withholding will pay my and my spouse's tax bill, does she still need to pay estimated taxes as an...
I am a full-time employee. My spouse is effectively employed long-term with one company, but has always been paid as an independent contractor.
If I plan on filing my 2018 taxes jointly with my spouse, but my spouse has not paid any estimated taxes during the year, is she likely to be on the hook for any penalties, etc., if my withholding was enough to cover our household combined tax bill?
Other notes: It may not be relevant, but my spouse is a green card
holder.
Based on the IRS withholding calculator results, I expect to see
a slight overpayment of my household's total federal income tax.
united-states income-tax withholding estimated-taxes
asked 6 hours ago
schadjo
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I am a full-time employee. My spouse is effectively employed long-term with one company, but has always been paid as an independent contractor.
If I plan on filing my 2018 taxes jointly with my spouse, but my spouse has not paid any estimated taxes during the year, is she likely to be on the hook for any penalties, etc., if my withholding was enough to cover our household combined tax bill?
Other notes: It may not be relevant, but my spouse is a green card
holder.
Based on the IRS withholding calculator results, I expect to see
a slight overpayment of my household's total federal income tax.
united-states income-tax withholding estimated-taxes
asked 6 hours ago
schadjo
1084
New contributor
schadjo is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
I am a full-time employee. My spouse is effectively employed long-term with one company, but has always been paid as an independent contractor.
If I plan on filing my 2018 taxes jointly with my spouse, but my spouse has not paid any estimated taxes during the year, is she likely to be on the hook for any penalties, etc., if my withholding was enough to cover our household combined tax bill?
Other notes: It may not be relevant, but my spouse is a green card
holder.
Based on the IRS withholding calculator results, I expect to see
a slight overpayment of my household's total federal income tax.
united-states income-tax withholding estimated-taxes
asked 6 hours ago
schadjo
1084
New contributor
schadjo is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
I am a full-time employee. My spouse is effectively employed long-term with one company, but has always been paid as an independent contractor.
If I plan on filing my 2018 taxes jointly with my spouse, but my spouse has not paid any estimated taxes during the year, is she likely to be on the hook for any penalties, etc., if my withholding was enough to cover our household combined tax bill?
Other notes: It may not be relevant, but my spouse is a green card
holder.
Based on the IRS withholding calculator results, I expect to see
a slight overpayment of my household's total federal income tax.
united-states income-tax withholding estimated-taxes
united-states income-tax withholding estimated-taxes
asked 6 hours ago
schadjo
1084
New contributor
schadjo is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 6 hours ago
schadjo
1084
New contributor
schadjo is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
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edited 5 hours ago
asked 6 hours ago
schadjo
1084
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schadjo is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
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asked 6 hours ago
schadjo
1084
asked 6 hours ago
schadjo
1084
1084
New contributor
schadjo is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
schadjo is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
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1 Answer
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If you are filing joint then the important thing is to have enough withheld by the combination of both spouses withholding and estimated payments. It doesn't matter how the payments are divided between the spouses the only thing that is important is the combination.
I do this every year. We both have W-2 jobs. I find it easier to adjust my withholding during the year if it is required. I just make sure that the result is that I make the numbers for the safe harbor.
When a person has both a W-2 job and a small amount of 1099 income the advice is to make sure the withholding for the W-2 job covers the taxes for the 1099 income.
The risk is that you can miscalculate, especially if the 4th quarter is very good.
answered 5 hours ago
mhoran_psprep
65.5k889168
That's what I figured. It didn't make much sense that the IRS would penalize my household if it's still paying its taxes, since money's money, but you never know... Thanks for the input.
– schadjo
5 hours ago
1
If you miscalculate the withholding, you just need to send in an estimated tax form & payment for the 4th quarter. (Due Jan 15, IIRC.) It's not a problem (at least in my experience to date) if you don't make payments every quarter, especially if it's because your income varies unpredictably.
– jamesqf
1 hour ago
add a comment |
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1 Answer
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1 Answer
1
active
oldest
votes
active
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oldest
votes
If you are filing joint then the important thing is to have enough withheld by the combination of both spouses withholding and estimated payments. It doesn't matter how the payments are divided between the spouses the only thing that is important is the combination.
I do this every year. We both have W-2 jobs. I find it easier to adjust my withholding during the year if it is required. I just make sure that the result is that I make the numbers for the safe harbor.
When a person has both a W-2 job and a small amount of 1099 income the advice is to make sure the withholding for the W-2 job covers the taxes for the 1099 income.
The risk is that you can miscalculate, especially if the 4th quarter is very good.
answered 5 hours ago
mhoran_psprep
65.5k889168
That's what I figured. It didn't make much sense that the IRS would penalize my household if it's still paying its taxes, since money's money, but you never know... Thanks for the input.
– schadjo
5 hours ago
1
If you miscalculate the withholding, you just need to send in an estimated tax form & payment for the 4th quarter. (Due Jan 15, IIRC.) It's not a problem (at least in my experience to date) if you don't make payments every quarter, especially if it's because your income varies unpredictably.
– jamesqf
1 hour ago
add a comment |
If you are filing joint then the important thing is to have enough withheld by the combination of both spouses withholding and estimated payments. It doesn't matter how the payments are divided between the spouses the only thing that is important is the combination.
I do this every year. We both have W-2 jobs. I find it easier to adjust my withholding during the year if it is required. I just make sure that the result is that I make the numbers for the safe harbor.
When a person has both a W-2 job and a small amount of 1099 income the advice is to make sure the withholding for the W-2 job covers the taxes for the 1099 income.
The risk is that you can miscalculate, especially if the 4th quarter is very good.
answered 5 hours ago
mhoran_psprep
65.5k889168
That's what I figured. It didn't make much sense that the IRS would penalize my household if it's still paying its taxes, since money's money, but you never know... Thanks for the input.
– schadjo
5 hours ago
1
If you miscalculate the withholding, you just need to send in an estimated tax form & payment for the 4th quarter. (Due Jan 15, IIRC.) It's not a problem (at least in my experience to date) if you don't make payments every quarter, especially if it's because your income varies unpredictably.
– jamesqf
1 hour ago
add a comment |
If you are filing joint then the important thing is to have enough withheld by the combination of both spouses withholding and estimated payments. It doesn't matter how the payments are divided between the spouses the only thing that is important is the combination.
I do this every year. We both have W-2 jobs. I find it easier to adjust my withholding during the year if it is required. I just make sure that the result is that I make the numbers for the safe harbor.
When a person has both a W-2 job and a small amount of 1099 income the advice is to make sure the withholding for the W-2 job covers the taxes for the 1099 income.
The risk is that you can miscalculate, especially if the 4th quarter is very good.
answered 5 hours ago
mhoran_psprep
65.5k889168
If you are filing joint then the important thing is to have enough withheld by the combination of both spouses withholding and estimated payments. It doesn't matter how the payments are divided between the spouses the only thing that is important is the combination.
I do this every year. We both have W-2 jobs. I find it easier to adjust my withholding during the year if it is required. I just make sure that the result is that I make the numbers for the safe harbor.
When a person has both a W-2 job and a small amount of 1099 income the advice is to make sure the withholding for the W-2 job covers the taxes for the 1099 income.
The risk is that you can miscalculate, especially if the 4th quarter is very good.
answered 5 hours ago
mhoran_psprep
65.5k889168
answered 5 hours ago
mhoran_psprep
65.5k889168
answered 5 hours ago
mhoran_psprep
65.5k889168
answered 5 hours ago
mhoran_psprep
65.5k889168
65.5k889168
That's what I figured. It didn't make much sense that the IRS would penalize my household if it's still paying its taxes, since money's money, but you never know... Thanks for the input.
– schadjo
5 hours ago
1
If you miscalculate the withholding, you just need to send in an estimated tax form & payment for the 4th quarter. (Due Jan 15, IIRC.) It's not a problem (at least in my experience to date) if you don't make payments every quarter, especially if it's because your income varies unpredictably.
– jamesqf
1 hour ago
add a comment |
That's what I figured. It didn't make much sense that the IRS would penalize my household if it's still paying its taxes, since money's money, but you never know... Thanks for the input.
– schadjo
5 hours ago
1
If you miscalculate the withholding, you just need to send in an estimated tax form & payment for the 4th quarter. (Due Jan 15, IIRC.) It's not a problem (at least in my experience to date) if you don't make payments every quarter, especially if it's because your income varies unpredictably.
– jamesqf
1 hour ago
That's what I figured. It didn't make much sense that the IRS would penalize my household if it's still paying its taxes, since money's money, but you never know... Thanks for the input.
– schadjo
5 hours ago
That's what I figured. It didn't make much sense that the IRS would penalize my household if it's still paying its taxes, since money's money, but you never know... Thanks for the input.
– schadjo
5 hours ago
1
1
If you miscalculate the withholding, you just need to send in an estimated tax form & payment for the 4th quarter. (Due Jan 15, IIRC.) It's not a problem (at least in my experience to date) if you don't make payments every quarter, especially if it's because your income varies unpredictably.
– jamesqf
1 hour ago
If you miscalculate the withholding, you just need to send in an estimated tax form & payment for the 4th quarter. (Due Jan 15, IIRC.) It's not a problem (at least in my experience to date) if you don't make payments every quarter, especially if it's because your income varies unpredictably.
– jamesqf
1 hour ago
add a comment |
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