Video instructions and help with filling out and completing How Form 2220 Quarterly

Instructions and Help about How Form 2220 Quarterly

Hello I'm Alan pink and roll deja and welcome to tax news like today we'll be discussing estimated tax payments if you fail to make a required payment pay an installment after the data to do or under pay any installment you may be assessed of penalty the penalty incurred will be on the portion of estimated tax under paid from the due date of the installment to the date of the payment or the due date of the tax return whichever comes first when you are figuring estimated tax payments remember you must pay either one hundred percent of last year's tax liability or ninety percent of your current year's tax liability whichever is less if you qualify as a high-income individual remember there is a limit to the prior year's tax so be sure to make your payments based on these percentages if your adjusted gross income is 150 thousand dollars or more in the prior tax year your payment is the lesser of ninety percent of your current year's tax or 110 percent of your prior year's tax if your adjusted gross income is 1 million dollars or more in the current year you're required estimate payment will be ninety percent of the current year's tax remember this does not apply to farmers or fishermen now that you have figured your estimated tax payments remember to make them on time by following these dates and percentages first payment thirty percent by April 17 2012 the second payment forty percent by june 15 2012 there is no third payment due by September 17 2012 the fourth payment thirty percent by January 15 2013 keep these dates in mind and remember to make your required payments on time in order to avoid an estimate penalty if you would need help figuring out your estimate payments referenced the California estimated tax worksheet which can be found in the instructions for form 540 es for more information please go to the Franchise Tax Board website WWF TBC agov and search estimated tax thank you for watching I'm Alan pink enrolled agent and this is tax News live you