The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Estimated tax for gains||Date: 12/3/2013 7:02 PM|
|Author: RockyTopBob||Number: 119619 of 124777|
I saw a reference to this board from TMFVenus posted on TMF PRO. She said there were many tax experts here.
I have always paid quarterly tax payments because I have had significant capital gains and I'm retired. I trade a lot of options. My wife still works and has extra withholding but that doesn't cover the necessary tax due.
My son has, due to the recent bull market and sage TMF advice, recently entered this tax concern. He sold a lot of stock to help buy a new house. His withholding has always resulted in a small refund. So he hasn't considered quarterly tax payments. If he just goes to year end and adds in his capital gains he will have under withheld and be subject to a penalty.
So should he just get a quarterly form and mail the IRS a check? Or will he not get a penalty since all previous years resulted in a refund?
We both have always used TurboTax and Gainskeeper.
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|