Ask Experts Questions for FREE Help !
Ask
    shortycircuit's Avatar
    shortycircuit Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 3, 2009, 02:43 PM
    Fellowship income - estimated tax and 2008 taxes
    Hey guys,

    I've been reading numerous threads here, and would like to ensure that I am in correct how I am reading all I have to do.

    I am on a postdoc fellowship that does not remove any taxes from my check and I am no longer in a degree program. I began at the end of October (10/23 or so).

    1. Am I correct to think that since I started so late in the year just claiming this income on my 2008 taxes is OK with no penalty since there was no time left in 2008 to file estimated taxes?
    2. Do I have to file both estimated taxes for state and federal taxes (separately) from 1/2009 until the end of the fellowship? If that is correct then I should currently also be filling out estimated tax payments for 1/2009-3/2009, correct?

    Currently I have claimined whatever I earned from Oct-Dec on line 7 with SCH and while my federal refund did not change (I had <10k in income last year) I ended up owing IL around 100 more.

    I'd appreciate anyone's advice on this seeing as I'm getting confused with everything.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jun 2, 2009, 02:23 PM
    You DO have to file both a federal and state tax return for 2008, with no estimated taxes due for 2008.

    For 2009, you need to file estimated taxes for both the IRS and the state.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

IRS Verification of 2008 Estimated Tax Paid [ 1 Answers ]

I paid 2008 estimated taxes and have not received any verification or receipt from the IRS of how much was paid. How do I indicate this additional tax payment when I prepare my return? Thank you,

Estimated tax payments on fellowship [ 4 Answers ]

I am a full time postdoctoral fellow at an academic/research institution. I applied for an independent fellowship and my fellowship started from July 2008. This fellowship is state tax and FICA-exempt, but I was supposed to make estimated tax payments on this fellowship. My employer did not hold...

Extra Federal Tax US$2269.12 Paid using "2008 estimated Tax Voucher 1" NOT on W-2 [ 3 Answers ]

I just received my 2008 W-2 form, finding that the extra Federal Tax US$2269.12 I paid using "2008 estimated Tax Voucher 1" is not reflected on my W-2 form (My bank account shows that the money is deducted). Is that normal? If not, how can I deal with that? Thank you.

Estimated Tax Qtrly Filing for 1099 income [ 1 Answers ]

My sole source of Income will be primarily 1099 (Non-Employee Compensation). Thus I would require to file the 1040 ES and the CA 540 ES each qtr. Do I require to pay FICA+Medicare? And where would I file this under the 1040ES? Likewise, for CA, there's the SDI (State Disability Insurance),...

View more questions Search