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Is the calculation of Estimated Tax include the Capital Gains that I had this year, which was a one time unique gain that I will not have next year?

Forum|Forum|7 years ago
June 6, 2019
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Does the IRS require the Estimated Tax to be so calculated? Or is it permissible to calculate Estimated Tax on Taxable Income excluding this years Capital Gains?

TurboTax Premier Windows

Best answer by AnnetteB6

The automatic calculation of estimated tax would include the capital gains that were on your 2018 return since TurboTax does not know that it was a one-time event.

Since you do have that knowledge, then it is permissible to disregard that income when calculating the estimated payments for 2019.

You can go through the section of your return described in the article below to create estimated payment vouchers based on your knowledge of your expected income for 2019.

https://ttlc.intuit.com/replies/3301730

A

AnnetteB6Answer

The automatic calculation of estimated tax would include the capital gains that were on your 2018 return since TurboTax does not know that it was a one-time event.

Since you do have that knowledge, then it is permissible to disregard that income when calculating the estimated payments for 2019.

You can go through the section of your return described in the article below to create estimated payment vouchers based on your knowledge of your expected income for 2019.

https://ttlc.intuit.com/replies/3301730

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