What you received may not be the same as what is taxable ... can you get an idea what the K-1 will be reporting? That would help immensely since it will not all be capital gains and at that amount it will affect more than one thing on the return.
To be safe and avoid penalties next year you can make sure you pay in enough in advance then put at least 30% aside for the probable fed & state taxes you will owe next year ...
What are estimated taxes?
https://ttlc.intuit.com/replies/3301588
Do I need to make estimated tax payments to the IRS?
PAYING ESTIMATES
For SE self employment tax - if you have a net profit (after expenses) of $400 or more you will pay 15.3% for 2015 SE Tax on 92.35% of your net profit in addition to your regular income tax on it. So if you have other income like W2 income your extra business income might put you into a higher tax bracket.
You must make quarterly estimated tax payments for the current tax year (or next year) if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- 2. You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)
https://ttlc.intuit.com/replies/3301891
How do I make estimated tax payments?
https://ttlc.intuit.com/replies/3301258
