Capital Gains and Quarterly Taxes

[Grinch11]

How do I make a quarterly tax payment to avoid penalties?

[Jennifer_A]

Quarterly estimated tax payments are due:

• April 15th
• June 15th
• September 15th and
• January 15th

The goal is to be within $1,000 of your calculated tax liability on your upcoming personal tax return to avoid penalties. They can be paid with a check or online.

To calculate each estimated payment, you will want to review your income for:

• January 1 through March 31
• April 1 through May 31
• June 1 through August 31 and
• September 1 through December 31

then subtract estimated deductions and credits.  Using the previous year tax return is a good starting point.  You can calculate by hand using the IRS Worksheet or you can use the calculator in TurboTax