Estimated Taxes for Newly Married Individual

[Beth]

New client left his employer and started a Schedule C LLC this year. He was single in 2005, married in 2006. Plans are to file jointly for 2006.

Do his estimated payments need to be calculated from his and his new wife's 2005 tax returns (100% of liability for both last year, or 2006 90% anticipated from both incomes?

IRS guidance does not address newly married in tax year, but does say "married indivudals" which they are now. Please advise

[djack1040]

Estimated Tax for Newly Married

Look at TTB p 15-4.

Combine the income and tax of each on the 2005 single returns to determine the estimated tax rules for 2006.

[Brad Imsdahl]

TTB also has a subheading "Waiver of Penalty." Generally, if a taxpayer retires or there is an unusual circumstance, the underpayment penalty can be abated. You could try to take the position that getting married is an unusual circumstance.

[jainen]

getting married

>>getting married is an unusual circumstance<<

Downright bizarre. Where I live, about the only people getting married these days are gays and pedophiles. Even the people who already got married are giving it up. Not me, though.