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Message
AMT question
Posted on 2/13/25 at 10:52 am
Posted on 2/13/25 at 10:52 am
So, after last years market run and Trump victory, I sold some long-term investments in Nov for a big gain…representing 75% of AGI for 2024.
Now that I’m starting to do 2024 taxes, I’m seeing that I might owe a big AMT.
Question for CPAs or others that might know…how could I have made quarterly tax installment payments throughout the year when I had no idea what my AGI was going to be until Nov of last year?
Feel I’m going to get screwed. But, just intuitively doesn’t seem right.
Now that I’m starting to do 2024 taxes, I’m seeing that I might owe a big AMT.
Question for CPAs or others that might know…how could I have made quarterly tax installment payments throughout the year when I had no idea what my AGI was going to be until Nov of last year?
Feel I’m going to get screwed. But, just intuitively doesn’t seem right.
1
Posted on 2/13/25 at 11:28 am to KwoodTiger
For the underpayment penalty, you can allocate the income to the month it was received. Should knock out all/most of it if all of your taxable income was earned late December. You’ll still owe income tax, no way around that.
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