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View Full Version : A couple simple tax questions


The Funky Llama
04-14-2007, 04:12 PM
1) I am filing my 2006 tax return as a New Jersey resident but now I live in California. On my return I list my address as the one in California.

What do I need to do to get set up for 2007 estimated taxes in California? Do I need to fill out some sort of form or will California automatically send me the envelopes and stuff?

2) I've received the forms and envelopes for filing federal 2007 estimates. Each form says I should pay about 1/4 of what I made in 2006. What if I expect to make less? Do I have to get a new estimate form or can I just put in a check for less money?

If this is the wrong forum for this please move.

bonds
04-14-2007, 05:39 PM
1) get info at www.ftb.ca.gov. (http://www.ftb.ca.gov.) They probably don't know you've moved into CA?

link to estimated tax forms - here (http://www.ftb.ca.gov/forms/07_forms/07_540es.pdf)

2. If you expect to make less in '07, you can make smaller estimated payments. Generally, you'll want to pay in at least 90% of your tax liability for the upcoming year to avoid underpayment penalties.

I can't remember ever seeing the IRS fill in the amount you're paying on Form 1040-ES -- if for some reason they did and you want to pay a different amount, you might want to get new forms from www.irs.gov. (http://www.irs.gov.)