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I sold some stock in January of this year and am in the process of paying estimated taxes on the gain.(I work part-time and state and federal taxes are taken out)I have been told two totally polar(to me)things: 1) that I needed to pay on the estimated taxes now or pay a 10% penalty by the Federal gov't at a later date and 2)I could wait til April of 2001 pay the whole amount of estimated taxes with the money I have been growing for that purpose without the penalty. Would you please clarify for me which is correct? This information was given to me by two different CPAs.
Thankyou Fools.
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