penalty

[wlanahan]

Do i have to pay a penalty for the whole year if I got a capital gain in December? That capital gain clearly put my in the owe catagory. It looks to me like the penalty is applied for all 4 quarters when it was gained in the third quarter.

[ThomasM125]

You may not have to pay a penalty for late payment of the tax for the whole year in your situation.

You can try to reduce that penalty by filing a Form 2210, Underpayment of Estimate Tax. You can do that in TurboTax by going to the Other Tax Situation menu in the federal section of TurboTax. Look for Additional Tax Payments and choose the Underpayment Penalties option there.