Why you still need cash and how the system tracks you

Thanks for the reminder; my rough guessimate is that I owe a few grand again. going to have to start coughing up quarterly payments since I'm already at zero.

 

You missed the point entirely. It wasn't about the money; it was about incompetent team members that wasn't capable of learning how to do their job! I shouldn't have to answer questions, when I'm off the clock; from the on-call guy, because he/she doesn't know what they're doing. That forced the rest of us to carry them. I shouldn't have to show someone the same procedures a half a dozen times, when their title is the same as mine. There are procedure manuals and tutorials for that. I'm not their mother or manager. If you don't get it the second time around, you better go ask someone else for help - otherwise we're going to have problems. What happened to being an ADULT and taking responsibility for your own actions? Admit your mistakes, ask for help, correct what you did wrong, so it doesn't happen again. It's a simple as that. Stop making up excuses every time they keep making the same mistakes over and over again. This isn't "ground hog day" the movie; though it seemed like it, dealing with those idiots.
The money thing was simply a tangible excuse for not following an illegal order that upper management understood and must legally abide by. Kinda like taxation without representation - another interesting discussion for another thread.

 

Mrs B prefers cash. If too much, a check.
If it’s too much hassle, she’ll break out the cc

 

Unfortunately; there's been a large uptick in check washing. Due to automation; when you look at the check image - it's been obviously washed. I believe banks will only give you 30-90 days to dispute it; otherwise your on your own. Not a big deal if you're rebalancing monthly and double checking it. I usually Zelle or use a CC if I need a paper trail for tax purposes.

 

Mrs B is absolutely on top of it, but we’re old (don’t tell her I said that) and she’s been doing it for years

 

A couple months ago I set up quarterly payments with the IRS. I used the ID.Me authenticator service to sign in. I would say within about 4 minutes of completing my profile and signing out I was receiving calls from Crestwood Loan Advisors from a variety of area codes. They are offering me consolidation loans. Another is from Liberty Tax Solutions, and various other tax filing mediation offices, wanting to help me with my tax problems. Some of them even say I've been "marked" by the IRS police for resolution options. I currently have 49 of these callers blocked and get 2 to 3 calls a day. What foolishness.

 

While still drawing paychecks, you can file an updated W-4 to withhold extra money, a fixed extra amount per pay period. This can help avoid needing to make quarterly payments for a while. See W-4 line 4(c). I did this for many years.

Though once you quit drawing paychecks, quarterly 1040-ES payments become essential.

 

I'm told that if you're receiving Social Security, you can set up withholding from that (in a small selection of fixed percentages).

Even if you aren't liable for tax on Social Security and so don't need the withholding for that, if one of those withholding percentages of your SS income works out close to what you'll owe on other income that's taxable, it could be a more convenient option than making quarterly payments.

 

Yup. My spouse is already drawing Social Security, and that was one of the choices she could make. But I didn't have her do it, instead having some taxes withheld from my IRA withdrawals, and some paid vie quarterly 1040-ES payments.