Joint estimated payments can be allocated on separate returns.* Married couples often make joint estimated tax Federal and state tax laws require a quarterly payment of estimated taxes due from corporations, trusts, estates, non-wage employees, and wage employees with income not subject to withholding. payments. If the spouses then file separate returns for the year, what happens if they both claim the joint payments or if together they claim more than the joint amount paid? According to IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. legal memorandum 200011047, if the spouses can agree to an allocation of payments, the service will accept the allocation. However, if the spouses cannot agree, the government will rely on the formula in regulations section 1.6015 (b)1 (b) and allocate the payments in proportion to the spouses' separate tax, regardless of the source of the actual payments. --Michael Lynch, CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. , Esq., professor of tax accounting at Bryant College, Smithfield, Rhode Island Smithfield is a town in Providence County, Rhode Island, United States. It includes the historic villages of Esmond, Georgiaville, Mountaindale, Hanton City and Greenville. The population was 20,613 at the 2000 census. . |
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