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If a company is sold to a new company and not rolling stock into the new company and forced to sell how do we go about getting figuring what we need to pay in to irs?

Forum|Forum|3 years ago
July 27, 2022
1 reply
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would like to get some of the money paid in before getting a big surprise come tax time next year

TurboTax Deluxe Online

Best answer by Anonymous_

You can use TaxCaster to get an idea, although it has not yet been updated for 2022.

See https://turbotax.intuit.com/tax-tools/calculators/taxcaster

A

Anonymous_Answer

Employee

You can use TaxCaster to get an idea, although it has not yet been updated for 2022.

See https://turbotax.intuit.com/tax-tools/calculators/taxcaster

K

katie-millettAuthor

How soon will the 2022 updates be done? Our issue is the new company didn't allow the stocks to be rolled into their company so they had to be sold. Check was sent to us and once received put back into different stocks. The shares were sold at a amount the new company set. We just don't want to get hit with a surprise amount next year. I am trying to find a reliable CPA in our area that we can talk to because normally our taxes are fairly straight forward return. But with my husband still working/collecting SS and then this it is going to be a mess this year

A

Anonymous_

Employee

The 2022 updates will most likely not be available until late October/early November at the very earliest.

Note that you will not owe a penalty for underpayment of estimated tax if you either owe less than $1,000 in tax after subtracting your withholding and refundable credits, or if you paid withholding and estimated tax of 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.

See https://www.irs.gov/taxtopics/tc306