topic estimated tax penalty in Get your taxes done using TurboTax

estimated tax penalty

Capt Bill — Mon, 13 Jan 2020 03:52:07 GMT

I had no tax liability in 2018. Due to a stock sale in the 4th quarter 2019 I owe $14,000 taxes for 2019.

1) Can I avoid penalty if I file my return by January 31, 2020?

or, less desirable

2) Can I avoid penalty if I pay 100% of the tax with my 4th quarter estimate on January 15, 2020?

Bsch4477 — Mon, 13 Jan 2020 04:39:03 GMT

If you truly had no tax liability in 2018 you are exempt from any underpayment penalty for 2019.

Capt Bill — Tue, 14 Jan 2020 00:36:23 GMT

Thanks-When I tried to follow the line by line instructions for the Form 2210, this was not entirely clear. Thanks for the help