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Old 04-10-2011, 03:00 PM
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Join Date: Apr 2011
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Estimated Tax Line 62 1040

There is a place on the 1040 to report Estimated Tax paid for the 2010 tax year.

During 2010 my husband received a regular paycheck for part of the the year, then switched jobs and now receives guaranteed payments.

I figured how much SS and Medicare he owed, then our income tax withholding and made estimated payments electronically. My payments were just a lump sum, but I have my worksheets that show how it is divided.

My question is regarding the amount to include on my 1040. Am I reporting the entire estimated tax (SS, Med., Income tax) on line 62 or only the INCOME tax we withheld? Obviously there is a big difference between these two numbers (all vs. part), so I want to be sure I do it correctly

My understanding is that the IRS will match his S.S. # with the amount owed and check to see that we paid in the right amount for SS and Medicare. The rest that we paid was Income Tax, but there is no way to differentiate these amounts when I pay through EFTS.

If it matters, we are using TurboTax to help us through the process, but are stumped with this issue.

Thanks for your help!!



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Old 04-16-2012, 02:30 AM
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Join Date: Oct 2010
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“My question is regarding the amount to include on my 1040. Am I reporting the entire estimated tax (SS, Med., Income tax) on line 62 or only the INCOME taxes withheld? “---->No; on 1040 line 62, you need to report ONLY your federal income taxes withheld from your(your spouse) W2 line 2 /1099MISC line 4 if you(your spouse) are subject to backup w/h or quarterly estimated taxes paid to the IRS. The state and local income taxes withheld per boxes 17 and 19 will be deducted on your state income tax return. The amount paid to each government entity is determined by the information contained on IRS Form W-4, Employee's Withholding Allowance Certificate, which you filled out when you started your current job. Calculate the amount of Social Security and Medicare tax withheld. You need to calculate 4.2 precent of the wages subject to Social Security tax for 2011/2012. Wages subject to Social Security tax are located in box 3. Note that wages subject to Social Security tax are limited to $106,800 for 2011 and $110,100 fir 2012. Therefore, the maximum amount of Social Security that can be withheld is $6,612.60 in 2011. If more than $4,485.60 was withheld from your wages in 2011, you are entitled to a refund. This happens in cases where you changed employers or had more than one employer during the year. You will claim the refund of excess Social Security taxes withheld on line 69 of Form 1040. Calculate 1.45 precent of the wages subject to Medicare tax. Wages subject to Medicare tax are located in box 5. All wages are subject to Medicare taxes.



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