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I need to make an estimated tax payment because of IRA

Customer Question
withdrawals and a Long-term profit...
I need to make an estimated tax payment because of IRA withdrawals and a Long-term profit on a sale of property. Can I do this online?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: We normally file annually. This year we sold property for a profit, $40,000 and are withdrawing about $20,000 from IRA accounts. I know that current withholding is not sufficient, so I need to make an estimated Tax payment to avoid an under withholding penalty.
JA: Is there anything else the Accountant should be aware of?
Customer: No
Submitted: 1 year ago.Category: Tax
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Answered in 4 minutes by:
10/31/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,282
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane ... I can help here.

...

Yes, you have several options for doing this on-line. YOu can also use the Federal EFTPS (Electronic Federal Tax Payment System) but that requires a pin be sent to you via mail.

...

Just go here, and choose one of the options ... and when paying just be sure to indicate that this is to be applied to 2016 taxes

...

https://www.irs.gov/payments

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

Just so you know, given that the reason for making estimated payments is to avoid the underpayment penalty, in circumstances where you have a one time spike in income for a given year, you MAY not have an underpayment penalty.

...

See this from IRS (I'll unerline the pertinent part)

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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

...

This does not, of course, lower the tax liability itself ... Just wanted to cover the bases for you.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

Please let me know if you have any questions at all, before you rate me

...

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit").

...

Thanks!

Lane

I have a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,282
13,282 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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