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Started By
Message
Sold stock - Do I need to remit capital gains taxes now?
Posted on 7/21/14 at 4:27 pm
Posted on 7/21/14 at 4:27 pm
Or can I just wait till tax time next year and figure it all out then when I do my taxes? I will definitely owe, so will I face any underpayment penalties if I dont remit any time soon?
Posted on 7/21/14 at 4:45 pm to Htown Tiger
you'll get a 1099 from your brokerage company at the end of the year and you the amount you owe is included in your 2014 taxes.
Posted on 7/21/14 at 5:10 pm to Htown Tiger
just wait till tax time and pay then.
Posted on 7/21/14 at 5:21 pm to SouthOfSouth
quote:
just wait till tax time and pay then.
Posted on 7/21/14 at 8:38 pm to Htown Tiger
How much was the gain? Short term or long term?
I've always waited until tax time, but it's never been really significant before. I'm interested in the underpayment penalty depending on how much it is.
I've always waited until tax time, but it's never been really significant before. I'm interested in the underpayment penalty depending on how much it is.
Posted on 7/21/14 at 9:46 pm to LSUtigerME
quote:
I'm interested in the underpayment penalty depending on how much it is.
In a nutshell:
You have to have paid in 1/4th of the "minimum" taxes for each payment date, which is April 15, June 15, Sept 15, and Jan 15 (Jan 15 of following year). Withholding is considered to have occured in four equal parts - one for each payment date.
The minimum is the smaller of:
1) 100 percent of your prior year tax (110 percent of your prior year tax if your AGI exceeds 150K)
2) 90 percent of the actual tax you owe for the year.
Posted on 7/22/14 at 6:59 am to LSUFanHouston
Someone might need to dumb that down for me.
I'm probably going to owe about $10k. All long term gains.
I'm probably going to owe about $10k. All long term gains.
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