Comments on: IRS Safe Harbor Income Tax Underpayment Rule

By: ed

ed — Sun, 22 Jan 2012 23:27:01 +0000

i worked as a regular employee in 11′ and simultaneously as an independent contractor for a few weeks also in 11′.

i think i meet the requirements of the safe harbour rules 2,3, and 4.

However, where and how specifically do you report this extra income (1099-MISC)on the 1040? i’m assuming it’s 1040, not 1040EZ?

Thanks.

By: Jerry L.

Jerry L. — Fri, 29 Apr 2011 23:39:23 +0000

I want to convert some Traditional IRA to Roth IRA this year. Does the Safe Harbor rules protect me from a penalty if my withholding is the same or greater than the amount in 2010? I will receive a refund for 2010.

By: Steve Hearn

Steve Hearn — Tue, 22 Mar 2011 18:47:30 +0000

The references to 2009 in conjunction with 2011 seem as if they should be 2010 instead of 2009. It seems as if a quick but incomplete updated of the information was attempted.

By: Peter

Peter — Mon, 13 Apr 2009 15:36:31 +0000

This is my second year as a blogger, and I really didn’t make enough last year to have to make estimated tax payments. Even after blog income my regular job’s withholdings were enough that we still ended up getting a refund for federal ($600), and a small tax bill ($200) for state.

Question is, I expect to make a lot more this year, but have never done the estimated quarterly tax payments. Do I have to do those this year, or would I fall under the safe harbor rule, and be able to pay all taxes when I file next year? If I did that,would I have penalties?

By: thomas

thomas — Sun, 22 Mar 2009 18:47:55 +0000

I’ve owed the past few years and somehow have avoided this BS penalty. I make no dependent claims (0 for the house) so I feel I’m getting taxed as much as I should. No way in hell I’m going to give them “voluntary” tax money.

Bring on the fairtax!