US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.

Sock The Great: Oct 1, 2006; It's Lonely At The Top. But It's Comforting To Look Down Upon Everyone At The Bottom; Grimey Drawer

So my grandfather gifted me 60 shares of AT&T stock when he passed away in 1999. He wound up with these shares since he bought stock in Woodbury Connecticut Telephone in 197?. Since then it has grown to about 172 shares through dividend reinvestment over the last 21 years. I want to sell this stock and move it to index funds in my Roth IRA since owning individual stocks is not part of my investment strategy.

Probably due to the the Woodbury Telephone --> SNET --> AT&T transition I cannot find a cost basis on any of the documentation. What would be the best way to estimate my tax liability?

My best estimate is that T was trading for about $58 a share in October 1999. So my gains, if I were to sell today, would be about $3,060 and my tax bill would be ~$460 (15% LTCG).

# ¿ Mar 5, 2020 15:11

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# ¿ May 10, 2024 20:09

Sock The Great: Oct 1, 2006; It's Lonely At The Top. But It's Comforting To Look Down Upon Everyone At The Bottom; Grimey Drawer

Yes, you still receive the form, but the tax software just asks yes/no if you had health insurance for all of 2019. No need to actually scan it in.

# ¿ Mar 8, 2020 17:34

Sock The Great: Oct 1, 2006; It's Lonely At The Top. But It's Comforting To Look Down Upon Everyone At The Bottom; Grimey Drawer

I'm in a situation where I owe a significant amount to the IRS this year, which is alright. But on top of that, I've received 1040-ES forms asking for estimated payments of around $3,400 per quarter. It doesn't quite add up to me because I'm just a regular W-2 employee, not self-employed or anything like that.

Would it make sense for me to adjust my withholding so it matches the total of these quarterly payments ($13,600), divided by the number of pay periods left in the year (20)? That way, I could cover my taxes without having to worry about quarterly payments? Would that result in a significant over payment for 2024?

# ¿ Apr 5, 2024 10:58

Sock The Great: Oct 1, 2006; It's Lonely At The Top. But It's Comforting To Look Down Upon Everyone At The Bottom; Grimey Drawer

smackfu posted:

Did you receive the 1040-ES from TurboTax? It uses a very aggressive calculation for the estimated amount.

I had my taxes prepared by a CPA this year, so I will ask him as well. I am open to adjusting my withholdings, but I want to avoid adjusting my withholdings and making estimated payments, as I believe that would lead to a significant overpayment.

To simplify, let's assume I owe the IRS $5,000 for 2023. The CPA suggests making $10,000 estimated payments in each quarter of 2024 (4/16/24, 6/17/24, 9/16/24, and 1/16/25). Should I adjust my withholdings to pay an extra $5,000 in 2024 or an extra $10,000 in 2024?

# ¿ Apr 5, 2024 13:26

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.