Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Still need to file? Our experts can get your taxes done right. Get started >
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
Questioner1
New Member

Quartley taxes

Hello, I recently sold a stock for 10,000 dollar gain. I was wondering from this total If I would have to pay quarterly taxes.  

2 Replies
xmasbaby0
Level 15

Quartley taxes

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Hal_Al
Level 15

Quartley taxes

Simple answer: No. It is not mandatory to pay quarterly taxes.  

 

But, you want to make a payment to avoid an underpayment penalty. You should make estimated tax payments for the current tax 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. (110% if your income will be more than $150K) . Your prior year tax return must cover all 12 months.

 

If your goal is just to avoid the underpayment penalty, then paying 100% of the prior year tax liability is the “safe haven”.  You might be able to increase your W2 withholding, at your regular job, to account for the extra income.


TurboTax (TT) can prepare the quarterly payment vouchers. In your 2020 software, enter at:

 

Federal Taxes or Personal (H&B version)

 

-Other Tax Situations

 

  -Other Tax Forms

 

    -Form W-4 and Estimated Taxes - Click the Start or Update button

 

On the next screen answer No to the W-4 question

 

 

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~