Hello, lasr!
Yes, you can make an extra estimated tax payment, If you receive a large capital gain late in the year.
Generally, you must make estimated tax payments for the current tax year if both of the following apply:
- You expect to owe at least $1,000 in tax for the current tax year after subtracting your withholding and refundable credits, and
- You expect your withholding and refundable 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. (Your prior year’s tax return must cover all 12 months.)
Making this additional estimated tax payment to cover your tax liability will help you to avoid penalties for underpayment of estimated taxes. The IRS allows this additional payment on top of any other regular quarterly estimated payments you may have needed to pay.
You can make an estimated tax payments, through your online account at IRS.gov/payments, by mail using Form 1040-ES, by phone or from your mobile device using the IRS2Go app.
For more information, please see:
Please feel free to reach backout with any additional questions or concerns you might have!
Have an amazing rest of your day!
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Terri Lynn
