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How to pay my tax quarterly?

pakoothefakoo — Sun, 14 Jun 2009 10:55:36 -0800

Last minute Taxfilter! First time form 1040 user, more questions inside. I just started a job as a freelance researcher.

From my understanding I'm supposed to file and pay quarterly tax; despite googling around for couple of hours, I'm still utterly confused:

Couple of related questions:

I understand the difference between form 1040ez, 1040A, 1040

-But what is the difference between form 1040 and 1040es?

-Which one do I have to file on June 15th (tomorrow)?

-Do I make itemized deductions quarterly or add them up at the end of the year? (e.g. deductible interest on my student loans which isn't available until end of the year.)

-I can't seem to find 2009 1040(EZ/A) anywhere, just forms for 2008

-If I overpay, how do I file for a refund at the end of the year? Do I have to file some other forms?

Thanks in advance for any help.

Go on take the money and run?

ian1977 — Mon, 18 Aug 2008 18:51:52 -0800

Use the new Federal Housing Tax Credit as an investment seed? Is there anything fundamentally wrong with this idea?:

Take the new Federal Housing Tax Credit and dump the $7500 into a Roth IRA. Repay the 'credit' at the normal rate (~$500/year for ~15 years I think).

This seems like a no brainer to me, but I am not very financially savvy. Its essentially a no-interest loan, so it I would think that investing no-interest money is a win-win, but then again, I'm dense enough that I once thought I had a system to beat a casino's video roulette machine. (long story short, I emphatically did not)

Thoughts? Is there a better way to optimize the 'credit'? Is it best to leave it alone?

Bonus points for finance/investment gurus: Assuming moderate gains (8%???), how much ahead am I by being able to invest the $7500 up front, versus the alternate scenario of investing $500/year for 15 years.