I'm a W2 employee and normally dont pay quarterlies. But this year due to large stock sales I need to pay quarterly estimated taxes. I've read in the forum how II can determine how much to pay using Turbotax, however none of the suggested menu options work with the latest Turbotax GUI.
Can estimated taxes be 'estimated' using Turbotax as of June 2018? Where in the Turbotax GUI might I find this capability?
So much has changed for 2018 I don't think they are geared up to make that calculation. Taxcaster does not cover it IMHO.
See this article for brackets. It says the rates are no longer tied to your income bracket. Not sure I understand that..if they mean the dollar ranges are only for LT capital gains or not. https://www.marketwatch.com/story/your-simple-guide-to-the-new-capital-gains-tax-rates-2018-04-16
Remember to calculate only on your gain not the total proceeds of the sale.
Bees, Thanks for the reply. To be honest, I don't need a final value as these are just estimated taxes. Final reckoning will be when I file my 2018 return next April.
But to answer your question, "..rates are no longer tied to your income bracket". This only applies to Long Term gains. Short Term gains are still treated as ordinary income from a bracket perspective, just like a W2 job.
But this isn't my question, as my stock sales are all from short term gains.
Short term gains are going to be taxes at your marginal rate which is going to be high when you put your normal year earnings and capital gains together.
I would suggest posting your question in the support section rather then the community. With luck, superuser Tom Young will see it. Especially if it is the result of a employee stock option plan.