Publication 54 |
2001 Tax Year |
Estimated Tax
The requirements for determining who must pay estimated tax are the
same for a U.S. citizen or resident abroad as for a taxpayer in the
United States. For current instructions on making estimated tax
payments, see
Form 1040-ES.
If you had a tax liability for 2001, you may have to pay estimated
tax for 2002. Generally, you must make estimated tax payments for 2002
if you expect to owe at least $1,000 in tax for 2002 after subtracting
your withholding and credits and you expect your withholding and
credits to be less than the smaller of:
- 90% of the tax to be shown on your 2002 tax return,
or
- 100% of the tax shown on your 2001 tax return. (The return
must cover all 12 months.)
If less than two thirds of your gross income for 2001 or 2002
is from farming or fishing and your adjusted gross income for 2001 is
more than $150,000 ($75,000 if you are married and file separately),
substitute 112% for 100% in (2) above. See Publication 505
for more
information.
The first installment of estimated tax is due on April 15, 2002.
When figuring your estimated gross income, subtract amounts you
expect to exclude under the foreign earned income exclusion and the
foreign housing exclusion. In addition, you can reduce your income by
your estimated foreign housing deduction. However, if the actual
amount of the exclusion or deduction is less than you estimate, you
may have to pay a penalty for underpayment of estimated tax.
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