Estimated Quarterly Tax payments?

[fooz]

I think he's right:

http://www.traderslog.com/quarterly-tax.htm

"Also, a U.S. citizen or resident need not pay estimated tax if he or she had no tax liability for the preceding tax year, provided such year was a 12 month period."

It's on the Internet. It's gotta be true, right?

[TomR]

[ QUOTE ]
"Also, a U.S. citizen or resident need not pay estimated tax if he or she had no tax liability for the preceding tax year, provided such year was a 12 month period."

[/ QUOTE ]
No tax liability means that you didn't pay or owe any taxes. This is different from getting a refund, which is what I believe was implied by the previous post that I replied to.

[IggyWH]

[ QUOTE ]
You are correct. I ended up owing around $1,600 in Federal and ~$340 in PA state taxes last year because it was the first year I actually started withdrawing funds from my Neteller ('03 was more used to building my bankroll). I didn't itemize my losses and don't plan to this year either, I just take the net winnings that I transfer from Neteller to my bank. This year I'm making quarterly payments, even though I haven't gotten anything about paying a penalty yet.

[/ QUOTE ]

Looks like I'm gonna be in the same boat this year.

My question is, since we both live in PA, what's a rough % of taxes? Also, you only claim what you transfer from Neteller to your bank account?

I got to imagine it won't look too good for me who doesn't make a whole lot from my job transfering $5,000 to my bank account in the last week to buy a new car. It's sad to say but $5,000 is probably more than I've made net so far this year.

[broiler]

You are correct. The important line to look at is the line labeled total tax, not the refund or balance due.