I got married last year. My wife and I didn't do a great job of handling the taxes. We owed a little over $1000. We knew it was coming so it wasn't a problem.
The problem came in that I had been living single and had been able pretty much guess within about $300-400 what my taxes would be. Basically I never want a refund.
Anyways, we went ahead and did our return for this year. We had the extra money and it wasn't an issue.
Here is my question, now I am being asked to pay estimated taxes for the year 2005. We have corrected our withholdings so we will at most have to pay $300-400 next tax season.
As of right now turbotax said I need to pay $1000 over 4 payments this year. What is the reason for this? My wife and I both work and have money come out of our paychecks. We aren't self-employed.
Most of the information I can find for this is based on self employed people.
The problem came in that I had been living single and had been able pretty much guess within about $300-400 what my taxes would be. Basically I never want a refund.
Anyways, we went ahead and did our return for this year. We had the extra money and it wasn't an issue.
Here is my question, now I am being asked to pay estimated taxes for the year 2005. We have corrected our withholdings so we will at most have to pay $300-400 next tax season.
As of right now turbotax said I need to pay $1000 over 4 payments this year. What is the reason for this? My wife and I both work and have money come out of our paychecks. We aren't self-employed.
Most of the information I can find for this is based on self employed people.