Xref: utzoo ont.general:1019 can.general:1653 Path: utzoo!utgpu!watmath!watcgl!ksbooth From: ksbooth@watcgl.waterloo.edu (Kelly Booth) Newsgroups: ont.general,can.general Subject: Re: The Taxman Cometh for NSERC Award Recipients Keywords: Taxes, installment, Make the poor pay! Message-ID: <11311@watcgl.waterloo.edu> Date: 29 Aug 89 22:36:23 GMT References: <1989Aug24.111357.26686@jarvis.csri.toronto.edu> <6258@watdcsu.waterloo.edu> <11298@watcgl.waterloo.edu> <1989Aug29.141200.21905@gpu.utcs.utoronto.ca> Reply-To: ksbooth@watcgl.waterloo.edu (Kelly Booth) Distribution: can Organization: U. of Waterloo, Ontario Lines: 16 In article <1989Aug29.141200.21905@gpu.utcs.utoronto.ca> heath@gpu.utcs.UUCP (Todd Heatherton) writes: > >This DOESN'T work. I tried it last year. Unfortunately, the tax man claims >that they should have been paid quarterly installments on the NSERC >payments and will not credit you for overpayments from another source (they >view the employment income from a TA as a different source of income). This is interesting. If over-withholding from one source doesn't count for credit against another source, then why in heck is there such a form? No one could possibly be in a position to benefit from it, since normal withholding is calculated to keep enough of your income to cover taxes (or just about) UNLESS you have other sources that significantly raise your tax bracket or that do not have withholding. Given the relatively flat brackets, the former is not that likely (although I'm sure it happens). I would very much like to see the written policy that states this.