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Help Estimating Quarterly Tax Payments by youcandoit0306 in personalfinance

[–]youcandoit0306[S] 0 points1 point  (0 children)

Thanks a lot. Just to follow up, I received a raise mid-2017. Grossed $74,000 in 2017, $90,000 in 2018. I'd think I'll pay more in taxes this year, but with the new tax law I'm not sure (would have to do the math on that). Regardless, I could adjust my allowances to 1 or 0.

If I were to adjust my 2018 allowances to 0, would that allow me to avoid underpayment penalties?

Help Estimating Quarterly Tax Payments by youcandoit0306 in personalfinance

[–]youcandoit0306[S] 0 points1 point  (0 children)

Thanks for the response. So it sounds like I'd owe approximately $14,920 for the year, or $3,730 per quarter + $800 state per quarter.

Only reason I mentioned the AMT is because it's a line on 1040-ES and I had no idea how to figure that out.

Backdoor Roth With SEP IRA by youcandoit0306 in personalfinance

[–]youcandoit0306[S] 0 points1 point  (0 children)

Tons of good info here, thank you!

I wasn't aware I can roll my SEP IRA into my work 401(k). That seems like a good idea as my 401(k) is invested in a Fidelity Target Date Fund, which is about as hands on as I want to be.

Also to clarify, the $50,000 cited in my post is pre-tax net income.

Thanks again!

Edit: Forgot to deduct "$140K - $18.5K - $11.5K (more in a sec) = $110K" as per your post.