This is a burning question I've had for months. I bought the Motley Fool Investment Tax Guide, I searched TMF, I searched the IRS site, and I still can't tell what form to use to file a quarterly capital gains tax. Does one just file Schedule D up to four times a year? This might become an issue if I sell stock to clean up my portfolio.
You file a quarterly estimated tax with just the voucher with it. You only have to fill out Schedule D once a year when you file your taxes. No real paperwork goes with estimated taxes--the IRS just wants MONEY! You actually could just write the check and put your social security number and "2nd quarter estimate 2000" on it and send to IRS. Slightly fancier is if you filed 1999 with Turbotax, it prints out 2000 estimate vouchers with your 1999 return. You can send one of those in each time with your estimate. Now, how much to write the check for? If what you are doing is staying in safe haven, the amount Turbotax filled out is probably correct. Of course you can figure that this year's income is about the same as last plus the $10000 of capital gain you may have had, but you don't have to get that fancy. And you certainly don't have to file ANY 1040 or anything else for 2000 before April 15, 2001. Best wishes, Chris
Oh, wow. No wonder I couldn't figure it out. I thought the IRS had a form for everything. This is good to know. Thank you very much.
<<Oh, wow. No wonder I couldn't figure it out. I thought the IRS had a form for everything. This is good to know.>>But they have a form that you'll likely want to use when you make your estimated taxes. It's Form 1040ES. You can download the entire package (along with instructions on how and where to send your payment) at the IRS web site. Good luck...TMF TaxesRoy
That was going to be my next question -- where do I send it. Thanks again.
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