hi We expect to receive some capital gain for last year(2020) but have not got the exact number. It is hard to estimate how much it is at this moment. Instead of overpaying the tax we owe (short of budget now), we would prefer to pay the owed tax later + any interest that IRS charges. However, we would like to avoid paying any penalty if possible.
From IRS website, it seems if we pay 100% of the amount of the tax we paid for the previous year (2019) now, and file and pay the excess amount by 4/15, we don't need to pay any penalty except for the interest. Let's say we paid 30K for 2019 and the total we should pay for 2020 is 50K, we pay 30K by 1/15and another 20K by 4/15. We don't need to pay any penalty, correct?
Also, is there a place that I can double check the interest rate that IRS charges? Thanks!
