Connecticut 4th Quarter Estimated Tax Requirements Revised

Taxpayers subject to the new 6.5% marginal tax rate applicable to the 2009 tax year, who make quarterly estimated tax payments, must adjust their January 15, 2010 payment to reflect the rate change.

Effective for taxable year 2009, the highest marginal tax rate for Connecticut income tax purposes has increased to 6.5% for the following individuals:

• Individuals whose CT filing status is Single or Separately and whose annual CT taxable income is more than $500,000
• Individuals whose CT filing status is Head of Household and whose annual CT taxable income is more than $800,000
• Individuals whose CT filing status is Jointly or Qualifying Widow(er) and whose annual CT taxable income is more than $1 million

If you are within one of the above tax brackets and you are required to make estimated tax payments for the 2009 taxable year, your January 15, 2010 estimated tax payment must take into account the 6.5% rate to avoid underpayment penalties.

Please contact Feeley & Driscoll's Boston Accountants by Email or call us at 1 (888) 875-9770.

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