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Get your taxes done using TurboTax
i have a related question. I made a $120,000 estimated tax payment in 2020 to cover capital gains on the sale of a rental property. Several years ago the IRS fined me when I was self employed paying estimated taxes. at the time,I had two quarters where I made money and paid estimated taxes and 2 quarters where I didn't. The IRS told me that I because if was income from work, I was supposed to use previous year earnings to estimate my income and make payments in each quarter. In the case of capital gains however, this is a one time source of income. How did I indicate this in turbo tax so the IRS knows this was not income from self employment and fine me for not spreading my $120,000 estimated payment through out the year
‎April 9, 2021
9:07 AM