Taxes when due?

Phix · #1 06-05-2005, 10:20 PM

Being a quarterly tax filer. I would like to know.
Should my winnings be included as part of my quarterly income?
When do the winnings become taxable (when won or when put back into my bank account )?
Are winnings won in other countries taxable?

I know this is a boring subject, any answers would be appriciated.

Thanks
Phix

Guthrie · #2 06-05-2005, 11:00 PM

Should my winnings be included as part of my quarterly income?
Yes.
When do the winnings become taxable (when won or when put back into my bank account )?
When won.
Are winnings won in other countries taxable?
Yes.

SinCityGuy · #3 06-05-2005, 11:33 PM

June 15 for the 2nd quarter.

x2ski · #4 06-06-2005, 01:35 AM

[ QUOTE ]
June 15 for the 2nd quarter.

[/ QUOTE ]

Dude, wtf. My Dad told me in May, "Don't forget your quarterlies are due next month".

I told him that he was simply incorrect, for I paid my last (and first ever) quarterlies on April 15 along with my 2004 income taxes. June 15 is only 2 months since the last required filing, and that would not be a standard, quarterly "3" month interval.

Is this [censored] in the Constitution or something? In the 1700s, were years quartered by 3 months, 2 months, 3 months and then 4 months? I understand that, back then, scientific advances weren't anywhere near where they are today, but that's [censored] up.

BTW, thanks for confirming this information [img]/images/graemlins/smile.gif[/img] and also reminding me that my quarterlies are due in less than 2 weeks [img]/images/graemlins/frown.gif[/img]

Phix · #5 06-07-2005, 06:09 PM

Thanks for the info. I checked the IRS site and the quarter finishes 30 June and the Tax is due 15 July.

Joe Taylor · #6 06-08-2005, 09:40 PM

I don't know where you checked, but that's very definitely wrong.

Topic 355 (Estimated Tax)

4 payments are due 4/15, 6/15, 9/15, and 1/15. It's pretty screwy, but that's the way it works for individuals filing estimated tax payments.

renodoc · #7 06-09-2005, 12:47 AM

I'm a doctor, not an accountant damn it!

But, it is my contention that your estimated tax payments are based on your previous years income, not your 2005 income. You should be paying 110% of your 2004 tax liability in withholding plus estimated payments in 2005, assuming you have some other type of job that shows wages.