Got a big cap gain Jan 16th. when do I have to send in estimated taxes? All at once or spread it out?
2007-01-24 10:12:11 · 3 answers · asked by zocko 5 in Business & Finance ➔ Taxes ➔ United States
Methinks Bostonian has slipped up (note your diaries folks!)
The safe harbor rule allows you to pay in 100% of your 2006 liability (110% if your AGI will be over $150,000) on account of your 2007 liability. Then you make the balancing payment on April 15th 2008. Just make sure you tuck some money away!
2007-01-24 10:52:58 · answer #1 · answered by skip 6 · 0⤊ 0⤋
Taxes are due when the income is realized. You should pay in a 1040 ES on or before April 15th for the estimated tax on the gain.
2007-01-24 10:32:04 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If you expect to have more capital gains throughout the year, and have W-2 income, increase your withholding and you may not need to make the estimated payment. Of course, this is only a good idea if you gains will be spread fairly evenly throughout the year.
2007-01-24 11:24:51 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋