The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Estimated Tax Payment||Date: 4/8/2000 1:39 PM|
|Author: Lukemark||Number: 33783 of 121598|
Now I am more confused (please forgive me), probably because I do not understand whether we are both referring to the same tax returns in our terminology. So I will spell this thing out so that I can understand what you are telling me.
On my 1999 return (the one which must be filed by April 17, 2000) I show a total tax of $1900 on line 56 and tax payments of $750 on line 64. From my current understanding of things, however, I am figuring that I do not owe any penalty because on my 1998 return (filed by April 15,1999) I had no tax liability. So I owe only $1150 and no penalty, right? Is this the kind of stuff you are talking about?
Back to my original question--or at least a version of it--then. Since I have realized capital gains from having cashed in some of my investments during the period of January 18,2000 to March 27, 2000, do I need to make an estimated tax payment by April 17,2000? If so, how do I figure it? Is there a specific form on which to figure it? Is there any chance that I report it somewhere on the 1040 form of my 1999 return (the one due by April 17, 2000)? Incidentally, in case this is a consideration, I do not think the amount of money withheld throughout the entire 2000 calendar year will cover the tax owed from my realized capital gains during this quarter.
Thanks in advance for your patience with the basic nature of my questions and for your help.
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