Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next
Author: nbhat Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121110  
Subject: 99 Taxes!! Date: 8/13/1999 6:27 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Hi Fools,

I'd reaped captial gains in 98 for which I paid taxes this year. When calculating my taxes TurboTax recommended that I pay taxes in 4 quarters since my withholding was not enough and I ended up paying some taxes. At that time I thought that this year I'll not sell any stock and hence I donot have to pay those quarterly payments.

But I did sell stock this year when the market was at peak and am buying my first home. This was unanticipated and now I face paying penalty for almost 15K in gains (all short term btw nto CSCO stock, that is for long term). I know I can increase my withholding from now to end of year to reduce the tax burden and avoid the penalties. On top of things I now have learned that I will get a hefty bonus and salary hike. How do I deal with this situation to avoid the penalty?
Is there something I am missing?

Any other ideas you can recommend?

Regards
Nikhil Bhat
Cisco Systems Inc.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Macro Economics

2.1: The Labor Pool Problem
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement