I am retired so I don't have any wages but have earnings from investment dividend, interest and pension. So there isn't any withholding except for my pension payments which is about $10k.
I made the federal estimated tax payment for the first quarter in April '25 based on what Turbox tax calculated on my 2024 return which was about $2.5k for each or the four quarterly payments . In late April I received significant long term capital gain of about $400k for selling investments. Based on that I used an online tax estimator calculator and my tax liability will be now about $80k for 2025 instead of last year $20k.
So that I don't get penalty assessed and based on the above, I have few questions:
1). Do I need to make increased estimated payments because of the unplanned capital gains I received in April, or can I pay all the remaining taxes at the time of filling 2025 taxes?
2). If I need to increase the payments for the next three quarters, how do I calculate that? should I divide the total 2025 estimate by 3 equal payments or do I need to make large payment for June?
3). Even if I divide and pay my new total tax liability payments by 3 for next three quarters, will IRS still asses penalty since my first payment is small (I did not receive the gains distribution till April) ?
4). Do I do the same for the Georgia taxes ?
Would very much appreciate if I could get any help & guidance - Thank you in advance.
