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Author Question: Amelida expects to earn $145,000 of AGI and $125,000 of taxable income this year. She is concerned ... (Read 65 times)

sdfghj

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Amelida expects to earn $145,000 of AGI and $125,000 of taxable income this year. She is concerned about underpayment penalties. Because of a substantial bonus, her prior year AGI was $155,000 and her taxable income was $135,000. She will not be subject to underpayment penalties for the current year if her estimated taxes equal or exceed any of the following criteria except
◦ the estimated payments total at least 90% of the tax due for the current year.
◦ the estimated payments total at least 100% of the tax due for the prior year.
◦ the estimated payments total at least 110% of the tax due for the prior year.
◦ the estimated tax is less than $1,000.


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Marked as best answer by sdfghj on Sep 13, 2020

akemokai

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sdfghj

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Reply 2 on: Sep 13, 2020
Excellent


milbourne11

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Reply 3 on: Yesterday
:D TYSM

 

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