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posted May 31, 2019 7:46:47 PM

I received $60k in untaxed gains from an insurance account in Dec. 2016. It will be reported as income. Do I need to pay est. taxes now, or pay them with my 2016 taxes?

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Expert Alumni
May 31, 2019 7:46:48 PM

The last installment of estimated tax for 2016 was due on January 17, 2017.

If you pay estimated tax now, it will considered by the IRS as paid on April 18, 2017, which is the due date for filing your tax return and paying your tax for 2016. Therefore you may as well wait and pay your balance due with your tax return by April 18, 2017.

1 Replies
Expert Alumni
May 31, 2019 7:46:48 PM

The last installment of estimated tax for 2016 was due on January 17, 2017.

If you pay estimated tax now, it will considered by the IRS as paid on April 18, 2017, which is the due date for filing your tax return and paying your tax for 2016. Therefore you may as well wait and pay your balance due with your tax return by April 18, 2017.