How to compute estimated tax for this case?

[VAer]

For example, I have W2 (salary $120k, and tax is already approximately held by W4). I also have $6k carry over capital loss from 2019.

If I make $30k short term capital gain in July 2020, then how to calculate estimated tax payment for 3rd quarter? Just an estimated amount to avoid penalty.

If I make another $30k short term capital in November 2020, then how to calculate estimated tax payment for 4th quarter? Just an estimated amount to avoid penalty.

Filing status: Single

Thanks.

[AmyC]

You have two options:

• change your W4 at work to withhold the extra
  • You can use the W4 planner in the program under other tax situations. 
  • You can change your W4 at work as often as you like.
  • You can also use the IRS W4 planner anytime throughout the year.
• make estimated payment
  • You can have the program create estimated payments for you by customizing your information
  • Can TurboTax calculate next year's federal estimated taxes?
  • How do I print estimated tax vouchers for my 2020 taxes?
  • How do I make estimated tax payments?

You will need to use the program or the IRS to determine your correct payments or withholding, that is out of scope for us.