An estate is required to make estimated payments for any tax year ending two or more...
An estate is required to make estimated payments for any tax year ending two or more years after the decedent's date of death unless: *
The estate had no tax liability in the preceding year, and the preceding year was at least six months.
There are more than three beneficiaries.
The balance due is less than $1,000, and the amount paid through withholding and credits is less than 90% of the current year's tax and less than 100% of the prior year's tax.
There is no state tax due.
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An estate is required to make estimated payments for any tax
year ending two or more...
Jaxon's current year tax liability is $45,000, withheld tax plus estimtated tax payments is $41,000, ajdusted...
Jaxon's current year tax liability is $45,000, withheld tax plus estimtated tax payments is $41,000, ajdusted gross income is $140,000 and prior year tax liability was $140,000. Which of the following statement is correct regarding the penalty for failure to make estimated income tax payments? No penalty is applicable as the withheld tax and estimated tax payments is more than 90% of current year tax liability. Penalty is applicable as there is more than $1,000 tax due. No penalty is...
Violet's tax liability was $5,000 and withheld tax and estimated tax payments were $4,500. He had...
Violet's tax liability was $5,000 and withheld tax and estimated tax payments were $4,500. He had not applied for extension and filed his tax return 8 months after the due date. Which of the following statements is correct regarding penalty for failure to file a tax return? No penalty is applicable as the tax due is less than $1,000. A minimum penalty of $100 may be assessed. Penalty is applicable on $5,000. Penalty is applicable on $500 tax due.
Complete the following statements regarding estimated taxes. Enter percents as whole numbers. Any individual who has est...
Complete the following statements regarding estimated taxes.
Enter percents as whole numbers.
Any individual who has estimated tax for the year of $ or more
and whose withholding does not equal or exceed the
required annual payment must make quarterly payments. The required
annual payment is the smaller of
(1) % of the tax shown on the current year’s return or
(2) % of the tax shown on the preceding year’s return.
If the AGI on the preceding year’s return...
Under Code §6166, if an estate qualifies to pay its estate tax due in installments, payments...
Under Code §6166, if an estate qualifies to pay its estate tax due in installments, payments are made beginning no later than ____ year(s) after the due date for payment. One. Two. Five. Ten.
A taxpayer does not have to pay estimated taxes if A. The taxpayer’s earned income credit...
A taxpayer does not have to pay estimated taxes if A. The taxpayer’s earned income credit will exceed his or her tax liability for the current year. B. The taxpayer’s tax liability for the previous year was less than $1,000. C. The taxpayer’s withholding covers 90% of the tax liability for the previous year. D. All of the answers are correct.
Riley's current year tax liability is $30,000, withheld tax plus estimtated tax payments is $25,000, adjusted...
Riley's current year tax liability is $30,000, withheld tax plus estimtated tax payments is $25,000, adjusted gorss income is $100,000 and prior year tax liability was $25,000. Will he be subject to penalty for failure to make estimated income tax payments and if so on what amount the penalty will be applicable? Yes, penalty will be applicable on $5,000 tax due. Yes, penalty will be applicable on $25,000. Yes, penalty will be applicable on $30,000 No penalty is applicable.
A taxpayer is required to make estimated tax payments due on Form 1040ES and he paid...
A taxpayer is required to make estimated tax payments due on Form 1040ES and he paid first 3 payments by 4th, 6th, and 9th month. By what date is he required to make the last payment? Dec-31 Mar-15 Jan-15 Apr-15
Question 21 (2 points) Tungsten Corporation, a calendar year cash basis taxpayer, made estimated tax payments...
Question 21 (2 points) Tungsten Corporation, a calendar year cash basis taxpayer, made estimated tax payments of $800 each quarter in 2019, for a total of $3,200. Tungsten filed its 2019 tax return in 2020 and the return showed a tax liability $4,200. When it filed its tax return in 2020, Tungsten paid an additional $1,000 in Federal income taxes. How does the additional payment of $1,000 impact Tungsten's E & P? Increase by $1,000 in 2019. Increase by $1,000...
[2] Ms. N, who is married, wants to file as a single person for the current...
[2] Ms. N, who is married, wants to file as a single person for the current year. Which of the following will prevent her from filing as a single person? A. Her spouse lived in her home for the final 6 months of the current year. B. She and her husband did not commingle funds for support purposes. C. She paid more than half the cost of keeping up her home for the tax year. D. Her home was, for...
I. TRUE OR FALSE (20 POINTS) 1. Partnerships may adopt any fiscal tax year if the...
I. TRUE OR FALSE (20 POINTS) 1. Partnerships may adopt any fiscal tax year if the tax year is used consistently. 2. The IRS will automatically grant a request for a change in tax years, provided the proper form is filed in a timely manner. 3. "Annualizing" is a method by which the taxpayer can usually decrease the amount of tax he or she pays. 4. Generally, cash basis taxpayers must account for payments of prepaid interest using the accrual...
Complete the following statements regarding estimated taxes.
Enter percents as whole numbers.
Any individual who has estimated tax for the year of $ or more
and whose withholding does not equal or exceed the
required annual payment must make quarterly payments. The required
annual payment is the smaller of
(1) % of the tax shown on the current year’s return or
(2) % of the tax shown on the preceding year’s return.
If the AGI on the preceding year’s return...
Question 21 (2 points) Tungsten Corporation, a calendar year cash basis taxpayer, made estimated tax payments of $800 each quarter in 2019, for a total of $3,200. Tungsten filed its 2019 tax return in 2020 and the return showed a tax liability $4,200. When it filed its tax return in 2020, Tungsten paid an additional $1,000 in Federal income taxes. How does the additional payment of $1,000 impact Tungsten's E & P? Increase by $1,000 in 2019. Increase by $1,000...
I. TRUE OR FALSE (20 POINTS) 1. Partnerships may adopt any fiscal tax year if the tax year is used consistently. 2. The IRS will automatically grant a request for a change in tax years, provided the proper form is filed in a timely manner. 3. "Annualizing" is a method by which the taxpayer can usually decrease the amount of tax he or she pays. 4. Generally, cash basis taxpayers must account for payments of prepaid interest using the accrual...
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