Quarterly Estimated Taxes Reminder
If you’re required to pay quarterly taxes because of income requirements or other mandates, it’s time for your second quarterly estimated tax payment. Remember that there have been some changes to the US Tax Code that may increase your US tax liability. One of these major changes is the inclusion of the Net Investment Income Tax – a 3.8% assessment on qualifying investment income for individuals (and estates and trusts) earning more than the minimum thresholds established by the IRS, which are:
- Filing Status of Married Filing Separately: $125K
- Filing Status of Married Filing Jointly AND Qualified Widow(er) w/ Dependent Children: $250K
- Status of Single, Head of Household or any other filing status not mentioned above: $200K
- Estates and Trusts with net investment income that has yet to be distributed and a MAGI of at least $11,950
Since June 15 falls on a weekend you have until June 17 to have your form 1040ES and payment in the mail to the IRS. If you need help filing Form 1040 ES with updates to the US Tax Code in mind, make sure to get in touch with a professional tax adviser at Taxes for Expats.