cw-kwtbs
Level 1
12-07-2019
03:06 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
this client never made 1040es payments but this yr Trumps tax changes they owe $4219 instead of $5000 refund from prior year
Best Answer Click here
Labels
Level 11
12-07-2019
03:06 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I generally replace any PS estimated calculations with my own. Use it as a guide and insert some common sense.
If at first you don’t succeed…..find a workaround
rbynaker
Level 14
12-07-2019
03:06 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Was the total tax $20,970?
abctax55
Level 15
12-07-2019
03:07 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
110 % rule?
HumanKind... Be Both
rbynaker
Level 14
12-07-2019
03:07 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
That's my guess. I had one pop up today. No 2018 ES and enough W-2 w/h to get a $1,300 refund. The 110% rule still had them paying ES for 2019. Fortunately it's just one box to check to turn it off.
abctax55
Level 15
12-07-2019
03:07 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I usually leave those on the "letter", but explain the issue to my client. IF they chose to roll the dice & not pay, then owe next year; well, my tush is covered 🙂
HumanKind... Be Both
qbteachmt
Level 15
12-07-2019
03:07 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
These are not what you would compare: "the amount due was $4219 but proseries calculated as $1579 x four"
The Amount Due is a balance; you need to look at Tax Total. Estimates would be computed against what you Estimate, or you see the program using one of the Safe Harbor computations against prior year tax Owed. Not Balance Due.
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers