We owed a lot of taxes due to ineritance capital gains. Do I still have to pay estimated taxes for next year even thogh my income will be much more normal for next time?

[drennan72]

My wife is retired now & I will be as well as of 3/30/2019.  My income should be well below what the estimated taxes were calculated to be due to the huge inheritance capital gains I had to claim for 2018.  Hoping that I can go back to not paying any estimated taxes as I normally would get a refund.  Am I reasonably safe not to pay the estimated taxes for this situation?

[CherylW · Accepted solution]

No, you shouldn't have to pay estimates.  

To make sure, go to:

1.  Click Federal on the left-hand side menu.

2.  Click Other Tax Situations across the top.

3.  Click See all uncommon tax situations.

4.  Scroll down to Other Tax Forms.

5.  Click Start or Revisit by Form W-4 and Estimated Taxes.

Answer No on the Adjust How Much Tax You Pay.

Select Review Now to enter the 2019 scenario.  Answer the questions and Turbo Tax will figure your tax for next year based on those answers.