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I got H1B Visa and 83000 USD dollar petition amount as annual package.I am confused as this amount will be enough to survive there with wife and 7 year old daughter.My wife is working here and together we are earning 50LPA annual.We are settled here by owning house too.Confusion is my wife will not be able to work there on H4 Visa so the kind of life we are living here will not be possible there.Thoughts?Suggestions?Pros and Cons?
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Do you think crude will pass 200?
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What’s the latest with UWMC?
Weird flex but ok
This year I have about 100K in earnings (thanks mostly you guys here). This would add substantially compared to last year (assuming I hold on the gains). Looks like I should address this in Q4 where I stand
Base the withholding on what you normally file. If gains are larger than what you normally make you can pay extra but typically you can get out of the penalty if it’s a one offer.
Had a friend that got a 1099 for 50k payment at the end of the year. IRS went a penalty notice but we were able to dismiss it by proving he didn’t owe any taxable income in prior years based on tax return filings and this was an exception.
Mentor
Just safe harbor with 100% or 110% (depending on PY income) of PY with estimated payments and should be good until extension.
Bowl Leader
I usually start having paychecks withheld towards the end of the year.
Mentor
I do a quick estimate at end of Q3 for first part of year, and send in an estimated payment at that point if it is a good year or had a lot of capital gains due to re-allocating long term holdings. Probably 2 out of 3 years.