Pemalty paid for not paying estimated taxes due to capital gains

[eyouse]

We sold stock on Sept 14 2024 (and used the proceeds to pay off our mortgage). We didn't know that we had to pay quarterly taxes for the gains. We were charged $410 penalty. Is there any way to get out of paying that penalty, especially since we sold so late in the year?

[CatinaT1]

Here is a FAQ on abating penalties: IRS Tax Penalty Abatement and Relief - TurboTax - Intuit

[eyouse]

Thank you for the info.

What is the timing on having to pay a quarterly payment? We sold the stock Sept 14. I understand that this is still in the 3rd quarter. Would you say that it is not worth us filling out the form to ask for forgiveness because our reasoning really is that we didn't know? Is the timing not a good enough reason for us not knowing that we should have paid something towards our tax bill?

[CatinaT1]

It wouldn't hurt to try. Many times they will approve an abatement the first time you request one. If you have requested abatements multiple times, they usually won't.