Off-Topic: Avoid Estimated Taxes
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Name:
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MartiniMan
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Subject:
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Avoid Estimated Taxes
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Date:
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7/14/2022 9:49:53 AM
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I'm a little confused by your advice. You say you can avoid making estimated tax payments by making sure your witholding and estimated tax payments equal 100%/110%. You have to make estimated tax payments when you have income not subject to witholding, right? Either way I think making sure your witholding and estimated payments equal last year still means you are making estimated payments. Witholding is more a W-2 function and doesn't apply to other income like IRA/401k distributions, income from the sale of assets, etc. My tax accountant is pretty savvy but he hasn't figured out a way to avoid quarterly payments on non-W-2 income. Please clarify.
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