Minnesota

progree

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7. Yup. I paid $3,300 MN estimated income taxes in December, wasn't going to pay anything, not even in

Reply to question everything (Original post)

Wed Mar 7, 2018, 03:23 PM

Mar 2018

January. Because of safe harbor - I had zero tax liability at all last year (a very unusual year because I gave my farm away to www.PopulationConnection.org so I had a big charitable deduction(limited to 30% of AGI over 6 years), so I didn't have to pay anything in 2017 (except for January). Anyhow, I know I will owe a ton of money to both feds and MN in April.

AFAIK, the $3,300 paid into MN in Dec 2017 will be deductible on the federal 2017 form at 15% federal tax bracket (I think I'll end up there in 2017), whereas if I waited until January or April, it would be deductible in the new 12% federal tax bracket -- for a savings of 15%-12% = 3%, 3% * 3300 = $99. Well, not THAT big of a deal.

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Yup. I paid $3,300 MN estimated income taxes in December, wasn't going to pay anything, not even in progree Mar 2018 #7