If I am self employed and my spouse makes 4 times more than I do, do I still have to pay quarterly estimated taxes if at the end of the year we will receive a refund as married filing jointly? Or do I still have to send something in every quarter? I just want to do the correct thing. thanks.
2007-08-18 14:24:42 · 4 answers · asked by Luv2Answer 7 in Business & Finance ➔ Taxes ➔ United States
Providing that you do file a joint return and you do end up receiving a refund with everything reported, you do not have to file quarterly estimates. The withholding from your spouse's earnings are covering the taxes for all of your jointly filed income and resulting tax.
Should your income get higher, you may want to consider filing quarterly estimates but at this point you appear to be safe.
2007-08-18 14:44:48 · answer #1 · answered by IRENE THE BOOKIE 3 · 4⤊ 0⤋
If by filing a joint return you will owe less than $1,000, you are not required to send in estimated taxes. It is OK for your spouse's withholding to pay the taxes on your self-employment.
2007-08-18 15:56:07 · answer #2 · answered by ninasgramma 7 · 2⤊ 0⤋
You still have to pay an estimated tax quarterly. As long as you make above the personal exemption and standard deduction amount, you need to file a tax return and you'll have to pay a quarterly self-employed tax. The IRS doesn't care if you're due a refund at the end of the year, as your status last year won't mean anything this year. I think in this case you'll have to wait for a refund check at the end of the year. : )
2007-08-18 14:34:55 · answer #3 · answered by Anonymous · 0⤊ 6⤋
If at the end of the year you still get a refund, then no, you don't have to make estimated payments.
2007-08-18 16:10:17 · answer #4 · answered by Judy 7 · 0⤊ 0⤋