The best way you can figure out if you owe any taxes is take a look at last years tax return.
Do a schedule d. Or use a piece of paper and put down your purchase price and sold price. Should you come up with a gain ( profit) you will need to estimate at least 10 percent of your profit for your taxes. Also, keep in mind you can pay at the end of the year up to 2500.00 in tax. Long term gains are taxed at 10 percent. I would leave turbo tax alone it sometimes figures things incorrectly.
Take you income from 2010 taxes and just add in you gains and and subtract your exemptions and standard deducation and multiply by 10% at least that is what you need to pay in or stash away to pay later.
Hope this helps.
Diana Kwiatkowski
On Mon, Aug 15, 2011 at 8:11 PM, Sharry Dunn
<sharry_dunn@earthlink.net> wrote:
Good afternoon, I know this is off topic, but not sure if acceptable to post this type of question. Apologies if this is not appropriate question here.
I sold a few stocks last week and may need to pay estimated taxes and wanted to do this without going to CPA. I have never used Turbo tax but thought it might make it easy to figure out the estimated taxes if any are due. I recently bought TurboTax 2010 on eBay, but not sure what steps I need to follow to determine if I have 2011 Estimated tax payment due for Sept 15th.
I have a pdf file from the cpa for 2010 taxes which I may be able to import into TurboTax; don't know what steps to follow to use 2011 income and will Turbo Tax automatically figure out the Estimated payments? If anyone has suggestions or a quick HOW TO list of steps to follow, I'll appreciate it
Thanks so much,
sharry
Please send decorating questions to Interior Motives List - to subscribe send an email to: Interior_Motives-subscribe@yahoogroups.com
No comments:
Post a Comment