There is a place on the 1040 to report Estimated Tax paid for the 2010 tax year.
During 2010 my husband received a regular paycheck for part of the the year, then switched jobs and now receives guaranteed payments.
I figured how much SS and Medicare he owed, then our income tax withholding and made estimated payments electronically. My payments were just a lump sum, but I have my worksheets that show how it is divided.
My question is regarding the amount to include on my 1040. Am I reporting the entire estimated tax (SS, Med., Income tax) on line 62 or only the INCOME tax we withheld? Obviously there is a big difference between these two numbers (all vs. part), so I want to be sure I do it correctly
My understanding is that the IRS will match his S.S. # with the amount owed and check to see that we paid in the right amount for SS and Medicare. The rest that we paid was Income Tax, but there is no way to differentiate these amounts when I pay through EFTS.
If it matters, we are using TurboTax to help us through the process, but are stumped with this issue.
Thanks for your help!!