Quarterly filing requirements

If someone had no capital gains and less than 10k income in 2022, and then had 80k Capitol gains in 2023, would they be required to pay quarterly to the IRS, on Capitol gains during 2024?

posted

Your taxes are based on your prior years income tax return. So since you had no income tax owed at all in 2022 the IRS is expecting no payments in 2023 and won't charge you any penalties for not making estimated payments.

However, you should be aware that going into 2025 the IRS is going to expect rather large estimated payments for 2024 if you owe any taxes for the next year.

@Wheatgrass

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