cw-kwtbs
Level 1
12-07-2019
03:06 AM
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this client never made 1040es payments but this yr Trumps tax changes they owe $4219 instead of $5000 refund from prior year
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Skylane
Level 11
12-07-2019
03:06 AM
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I generally replace any PS estimated calculations with my own. Use it as a guide and insert some common sense.
If at first you don’t succeed…..find a workaround
rbynaker
Level 13
12-07-2019
03:06 AM
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Was the total tax $20,970?
abctax55
Level 15
12-07-2019
03:07 AM
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110 % rule?
"*******Tax software is no substitute for a professional tax preparer*******
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rbynaker
Level 13
12-07-2019
03:07 AM
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That's my guess. I had one pop up today. No 2018 ES and enough W-2 w/h to get a $1,300 refund. The 110% rule still had them paying ES for 2019. Fortunately it's just one box to check to turn it off.
abctax55
Level 15
12-07-2019
03:07 AM
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I usually leave those on the "letter", but explain the issue to my client. IF they chose to roll the dice & not pay, then owe next year; well, my tush is covered 🙂
"*******Tax software is no substitute for a professional tax preparer*******
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qbteachmt
Level 15
12-07-2019
03:07 AM
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These are not what you would compare: "the amount due was $4219 but proseries calculated as $1579 x four"
The Amount Due is a balance; you need to look at Tax Total. Estimates would be computed against what you Estimate, or you see the program using one of the Safe Harbor computations against prior year tax Owed. Not Balance Due.
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