in this example, don't tell anyone, hide it forever
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Aren't the sale proceeds from an S corp simply income? Set up as a pass through, correct?
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in this example its selling shares of an s-corp which i think is capital gains
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@IntelligntSteak in the hope that you’ve not blocked each other.Thanks. Twitter will use this to make your timeline better. UndoUndo
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The tax is generally due in the quarter realized. Other than the estimated payment there is no other reporting required. You should talk to an accountant. There are too many considerations to talk through via tweet.
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Btw robot have you ever done a thread on equity grants and quarterly reporting? I just found out my co’s automatic withholding is not necessarily high enough for me to not worry about it.
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i have not. mines not high enough either, i havent suffered any consequences for it yet but maybe i should worry. hmmmm.
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I would file quarterly estimates for this unless you're really confident it will add less than a G in taxes (because that's where underpayment penalties kick in)
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Pretty sure if most of your income is still from a w2 you can ask that employer to withhold extra so you don’t have to pay quarterly estimates. This is what I do.
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Are capital gains exempt from the quarterly rule anyway? The IRS was pretty upset by the difference between my total income and the amount I had paid during the year even though a big part of the discrepancy was because of capital gains.
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