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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13317
Experience:  15years with H & R Block. Divisional leader, Instructor
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I retired a few months ago. I took my vacation without taxes

Customer Question

I retired a few months ago. I took my vacation without taxes it's $100,000. I was going to buy a piece of property in Las Vegas but I didn't what can I do
Submitted: 1 month ago.
Category: Tax
Expert:  Robin D. replied 1 month ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Expert:  Robin D. replied 1 month ago.

The $100k would be added to your income for the year. This is true even if you had purchased the property.

There is no way ta this point to avoid taxation on the income unfortunately.

Expert:  Robin D. replied 1 month ago.

If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax.

Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and estimated tax payments, or if they paid at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller.

You would look to your previous year return and see if you at least had withholding this year that matches the tax liability for the previous year.

Please do not start a new question to respond.