I sold some stock and used the proceeds to pay off my house. how do i calculate the taxes on the capital gains?

Forum|Forum|7 years ago
June 1, 2019
7 replies
9 views

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TurboTax Premier Online

Best answer by SweetieJean

The program will do this.

https://ttlc.intuit.com/questions/2899523-where-do-i-enter-a-1099-b

SweetieJean

Alumni - Champ

What you used it for is irrelevant.

jamie3Author

Level 2

So since I did this at the beginning of 2019, do I need to make a payment now to avoid an underpayment penalty? If so how do I calculate it?

VolvoGirl

Level 15

Turbo Tax calculates the capital gains tax.  It doesn't matter what you did with the proceeds.  Was it in a regular stock account or your IRA or 401K account?

You should get a 1099B for sales.
Enter a 1099B  under
Federal Taxes Tab
Wages & Income
Then scroll down to Investment Income,
Then Stocks, Mutual Funds, Bonds, Other - click Start or Update

VolvoGirl

Level 15

Yes if the gain is a lot you should send in an estimated payment. Either send in a 1040ES voucher
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f1040es.pdf">https://www.irs.gov/pub/irs-pdf/f1040es.pdf</a>

Or pay directly at <a rel="nofollow" target="_blank" href="https://www.irs.gov/payments">https://www.irs.gov/payments</a>.