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Underpayment penalty
This is never a clear subject. Let’s say I have a job, with the usual withholding, and in May have sell a bunch of stock and incur capital gains. So if I pay 110%(agi higher than 150k) of last years taxes or 90% of this years sometime during the year am I safe? Some of the gains are offset by losses from the previous year, so the gain is less than initially reported to the irs. Can I just increase withholding for the rest of the year, or if I’m in the safe harbor region can I wait until April 15th. Don’t want to make a big payment earlier than I have to.
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June 15, 2023
7:26 PM