Est Tax Requirement?

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jimcrawford01
Posts: 87
Joined: Mon May 19, 2008 5:23 pm

Est Tax Requirement?

Post by jimcrawford01 »

For tax year 2014
I filed and had a $3500 refund (as a result of Est Tax paid) and received the refund.
Then, I filed an amended return that had me owing $8500.
So, I wish to calculate the quarterly Est Tax I should pay for tax year 2015 to reach the safe haven of 100% of the previous year.
$3500 + 8500 div 4 = $3000 ea qtr?
Or something else?
kaneohe
Posts: 6786
Joined: Mon Sep 22, 2008 12:38 pm

Re: Est Tax Requirement?

Post by kaneohe »

The safe harbor is based on a particular line on the 1040 for total tax, not what you end up owing in April when you file your return.
See line 63 here http://www.irs.gov/pub/irs-pdf/f1040.pdf In your case it would be corresponding number from the 1040X.

Actually it's a bit more involved:
Figuring your 2014 tax. Use the following instructions
to figure your 2014 tax.
1. Form 1040—The tax shown on your 2014 Form
1040 is the amount on line 63 reduced by:
a. Unreported social security and Medicare tax or
RRTA tax from Form 1040, line 58;
b. Any tax included on line 59 on excess contributions
to IRAs, Archer MSAs, Coverdell education savings
accounts, and health savings accounts, or on excess
accumulations in qualified retirement plans;
c. Any shared responsibility payment on line 61;
d. Amounts on line 62 as listed under Exception 2,
earlier; and
e. Any refundable credit amounts on lines 66a, 67, 68,
69, and 72
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