Should you make Quarterly Payments to cover the Social Security and Medicare taxes?

I know I will pay little to no federal taxes, but will have Social Security and Medicare taxes over $1000. Should I make Quarterly Payments to cover them?

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Yes. First one due tomorrow, I believe. IRS.gov and print off the form to send in with it.

That's assuming, of course, that you (or your spouse, if filing jointly) don't have W-2 income that will cover your liability. If you do, you have the choice of increasing your tax deduction enough to cover your liability.

@ceasesmith wrote:

Yes. First one due tomorrow, I believe. IRS.gov and print off the form to send in with it.

That's assuming, of course, that you (or your spouse, if filing jointly) don't have W-2 income that will cover your liability. If you do, you have the choice of increasing your tax deduction enough to cover your liability.

If it's due tomorrow, no way I'll have the money tomorrow.

You can also apply IRS refund toward next year's taxes.

If you've already filed and chose not to do that, just send in extra next quarter.

Edited 1 time(s). Last edit at 04/14/2019 03:07PM by ceasesmith.

@ceasesmith wrote:

You can also apply IRS refund toward next year's taxes.

If you've already filed and chose not to do that, just send in extra next quarter.

I did not get a refund this year, in fact I owe $520 because of Obamacare. I did not know they counted Social Security as income toward Obamacare. Under Obamacare your Social Security is taxed. I'm now on Medicare so that will not be an issue again.

That makes no sense whatsoever.

When applying for Obamacare they include your Social Security to figure your tax credits. I did not include my Social Security. Now I have to pay back $520.

Edited 1 time(s). Last edit at 04/14/2019 07:14PM by johnb974.

Yes. Still makes no sense. You don't "pay it back" if you never got it.

You mean you made a math error, and now owe $520 in total taxes?

Actually, if you're on social security, just fill out the form for them to deduct income tax from your social security payment. Then you'll never have to worry about the quarterly stuff.

I don't know the number off the form, but social security will mail you the form and you fill it in and mail it back and a couple months later the deductions begin.

@ceasesmith wrote:

Actually, if you're on social security, just fill out the form for them to deduct income tax from your social security payment. Then you'll never have to worry about the quarterly stuff.

I don't know the number off the form, but social security will mail you the form and you fill it in and mail it back and a couple months later the deductions begin.

But what happens if it turns out you underestimate your annual income? If you already benefited from premium assistance payments, you’ll have to pay them back to the IRS when you file your income taxes for the year.

You already said that won't be a problem again, because now you're on Medicare.

Right?

If you have deductions made from your social security benefits, if you're due a refund, you'll receive it. If you underpaid, you'll owe.

Be keeping records to substantiate your Schedule C expenses.

How did the ACA have anything to do with your taxes?

@alcmtr wrote:

How did the ACA have anything to do with your taxes?

If you're on Obamacare, and on Social Security, like I was last year, Social Security is included as income when figuring out your insurance coverage. Your Social Security is taxed for Obamacare.

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Should you make Quarterly Payments to cover the Social Security and Medicare taxes?

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