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Any CPA's or tax experts?

C

Candi

I won't bore you with the grueling details (lets just say that 4 w2's for my hubby, 2 of them corrected... moving from MI to NJ and the sale of a house, and him working in NYC but living here, plus having started for the company when we were still in MI can get a tad complicated when tax time comes around)... anyways my feeable attempt at doing our taxes with turbotax like I do every year didn't go so well... so besides needing to file extentions for all three states I messed up when I filed Federal. It was asking about '07 estimated taxes and I didn't have his paycheck on hand to record how much they are taking out, so I just skipped it and forgot to go back... so when I efiled it printed vouchers saying we had to send in "x" amount of money every couple months for 2007 taxes since it assumed that nothing was being withheld from his paycheck.

So my question is, do I need to now send in an ammended return entering in the amount that is withheld so that it shows we don't need to pay estimated '07 taxes or if we do nothing will there be any problems?
 
C

Candi

LOL I hear you. Actually (in theory) we should be getting money back, no idea on the state taxes because any attempted to figure that out ended terribly for me LOL we're having a CPA deal with that mess, it's just this estimated tax crap that I don't know if it's going to be a paperwork nightmare now since I have no intention of sending them any money since it is withheld from his paychecks.
 
C

Carlo

I'm not a CPA but I do a dozen or so tax returns for people every year and used to do accounting systems and work with a lot of CPAs. I've also taken the tax courses from H&R (what a joke) and did returns for them for a few years at tax time.

You don't need to worry about it. Just ignore the vouchers. The only time you need to worry about the vouchers is if you aren't getting money withheld. Keep in mind the voucher is a tool to assist you in paying 2008 taxes and really has nothing to do with your 2007 taxes. I wouldn't amend your return either. If the proper amount is being withheld from your checks just ignore the vouchers. The worst that would happen is that you would owe a penalty on the unpaid portion which should not be an issue for you.

EVERYONE pays a penalty (vouchers or not) on top of the amount owed if the proper amount wasn't sent in quarterly or deducted from your normal payroll check.

So this is NO BIG DEAL.

Carlo

Carlo
 
C

Candi

Thanks Carlo, I won't worry about the Federal then since I know he has enough being withheld from his checks I figured it wouldn't be a real issue (ie not cost us anything) but might become a paperwork headache if they start asking why we aren't sending in the payments and I need to forward copies of his paystubs bla bla bla.

Now I can just concentrate on the confusing mess of our state taxes :D
 
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Carlo

I don't know if anyone is stuggle to get there taxes done tonight but if so RELAX as you have 2 more days in the North East to get them turned in due to the recent storm. No explanation is needed but if you file a paper return just write the word DISASTER on the top of the first page of your 1040.

This is mainly due to tax pros without electricity which would cause many returns to be late. So the Gov extended the deadline. No extension paperwork is needed. There is info on the IRS.GOV website about this.

Carlo
 
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