Just did my tax over the weekend, being single and almost no itemized deduction whatsoever it was a breeze, thanks to the K1 form as last year I had to enter 400 something Datek transactions, not fun. Anyway, I have just a few quick questions. I did everything with Turbo Tax for the Web. Since I suffered some serious damage in 2000 before I turned pro, and carried a deficit with me even after I turned pro, my overall reported income for 2001 was just 51K, versus 74K - payout which turned out to be close to 67K (I had a 85% payout earlier last year which happened to be my best months). As of right now, I am responsible for a federal tax bill of around 9K, a state/city tax around 4.3K, or approximately, 25% of my overall income. Not that I want to give Uncle Sam any more than neccessary, but doesn't that sound a little low? (I double checked and it was entered as short term capital gains under K1) I had a job for 55K a year before and I remember I had approximate $2800 a month take home, or paid approximately 38.7% of my gross to taxes, I just want to make sure I am not missing something here. Then there is the estimated tax penalty which I have to pay approximate $140 to the federal, $80 to the state, now excuse my lack of knowledge here, but that sounds awfully low for a penalty. For the 13K or so I owe them, I think I can at least break even from a savings account via interest. Then again I know last year was my first profitable year, and I wonder if the penalty will be a lot more damaging this year if I don't pay it. Last but not least, if I do plan out for estimated taxes, how much should I pay? I am up close to 16K YTD, I had a very slow start in January and I have been picking up the pace lately, but I know summer will probably be tough, I am currently thinking 55K but there is no telling whether I will breakout or breakdown from here, do you always overestimate or underestimate?