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I am considering annualizing my income. If I sold shares of stock and received capital gains can I include this in my income in quarter I received the gains?
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YES. A big capital gain, in the 4th quarter say, can create an underpayment penalty initially as that capital gain is considered to have come in evenly throughout the year. Since the underpayment penalty is calculated on a quarter-by-quarter basis that can result in penalties in the earlier quarters. Annualizing your income can eliminate those earlier quarter penalties.
Tom Young
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