bandb2
Level 1
2 weeks ago
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Taxpayer's income is IRA RMD and Social Security. RMD has Fed and State withholdings. In March, He sold rental property and realized a gain of $340,000.Factoring Capital Gains, Recapture , and Net Investmant taxes, total is estimated to be $70,000. Can he pay the $70,000 over four quarters or doe he have to pay the entire amount in the first quarter. This is my first time with Safe Harbor Rules.
Labels
IRonMaN
Level 15
2 weeks ago
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Your client just needs to pay in enough to cover his 2024 tax (or 110% if his income was high enough) to avoid penalties. He can pay the remainder of the tax due with the return next year.
Slava Ukraini!
