When Should I File Quarterly???

lilsewon · #1 06-04-2006, 06:32 PM

I hear that some or all pros have to file quarterly, is this true? At what point are you supposed to file quarterly?

Push_Fold · #2 06-04-2006, 09:26 PM

Quarterly estimate payments are/were due 4/17/06, 6/15/06, 9/15/06, and 1/16/2007. There are based on previous year return. See IRS form 1040-ES (OCR) for complete details.

lilsewon · #3 06-04-2006, 10:42 PM

[ QUOTE ]
Quarterly estimate payments are/were due 4/17/06, 6/15/06, 9/15/06, and 1/16/2007. There are based on previous year return. See IRS form 1040-ES (OCR) for complete details.

[/ QUOTE ]

Tx. I'd imagine it's for ppl that make more money? I filed $7K last year, but I'll probably be filing at least $50K this year. So I'm guessing I don't need to file quarterly yet.

Zele · #4 06-04-2006, 11:07 PM

Roughly, you will have to pay interest and penalties on any tax you owe, up to the amount of your last year's total tax.

New001 · #5 06-05-2006, 05:12 PM

[ QUOTE ]
I hear that some or all pros have to file quarterly, is this true? At what point are you supposed to file quarterly?

[/ QUOTE ]
I only made 15K last year, but I should make (and have made) much more this year. My accountant told me to file quarterly.

idmtchris · #6 06-06-2006, 05:03 PM

Once you register your self as a "sole propriotership". Meaning you are self employed as a poker player.

Push_Fold · #7 06-06-2006, 06:55 PM

You don't have to be self-employed inorder to file quaterly. You can be unemployed playing recreationally and still have to make estimate payments.

cbloom · #8 06-09-2006, 12:34 PM

I wasn't pro last year but plan to be this year. Do I need to file quarterly? Also, I guess I missed the first quarter already, should I make up for that?

Push_Fold · #9 06-09-2006, 03:27 PM

If you plan to owe more than $1000 you should file quarterly. You can just divide the differnce into the next 3 payments and be OK.

Cubicle · #10 06-10-2006, 04:34 AM

What if I owed ZERO tax liability (i.e. refund of all withheld) last year after education credits etc.

Now if I make 85k this year, will I be penalized? If I am not mistaken, doesn't the calculation of the penalty use the previous year's tax liability in making the calculation.

Therefore, if your tax liability in 2005 was zero then you won't be penalized even if you owe $10,000 in taxes for 2006. However, 2007 will definitely require estimated tax payments.

That is what I have gathered from other threads about this.

Can an accountant confirm this?