IRS Penalty Alert: The 8% Increase for Underpaid Taxes Explained !

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IRS Penalty Alert: The 8% Increase for Underpaid Taxes Explained !

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Rob CPA | Personal Finance & Tax Planning

Күн бұрын

Пікірлер: 14

@KatieLibby1315 Ай бұрын

I was told to wait until December. Take what you paid in taxes the previous year. Roll over that amount from a traditional IRA into a ROTH and withhold the entire amount. The IRS recognizes it as a timely tax payment.

@brandonb5818 6 ай бұрын

I'm W-2, don't own a business. I owe about $4k and I've got it cash right now. Do I have to pay a penalty?

@rob_cpa 5 ай бұрын

When you completed your tax return for 2023, does it show any penalties and interest?

@nastynate4481 8 ай бұрын

if you make a substantial amount of money in the stock market day trading the first quarter and then lose it all back to by the end of the year day trading would you still owe the irs the 8% penalty on the taxes not paid the first quarter of estimated taxes?

@rob_cpa 8 ай бұрын

Good question - it depends on your realized gains vs. realized losses. So if you made money in Q1, but didn't sell, there is no tax. But if you sell your stocks in Q1 for a gain, there is a tax to pay. Depending on your losses that you sold in another quarter - if you sold and cashed out, those losses may offset the gains in Q1, so no tax is due - if the losses cover the gains.

@nastynate4481 8 ай бұрын

@@rob_cpa thank you for the reply. I assume if you paid the estimated taxes Q1 and then have a bad Q2 then the IRS may end up owing that money back and you just loaned them money for free.

@nobrizzle 4 ай бұрын

At 9 min, did you mean to say multiple by 80%, not 20%, and where do you get the 22,500 you're talking about? Or I'm guessing you meant to say 20% off of 25,023, which I'm getting 20,018 by my math.

@Skavatar789 5 ай бұрын

the irs is BS, what does it matter if my employer doesn't withhold any taxes throughout the year as long as i pay in full when i file my taxes by April 15. in the words of Hillary "what difference does it make"

@dalpalgal 8 ай бұрын

Hi! Thank you for the information. So, does the $750 on line 25(b) represent estimated taxes paid? But line 6 on Form 2210 says "don't include estimated tax payment." Where do estimated taxes paid come in?

@HawaiiEnRoute 6 ай бұрын

Is it possible to pay 100 percent of the prior years tax amount on the last day for the year in one lump payment and still pay no penalty? Instead of paying quarterly estimated taxes. I can't find this information anywhere. Thank you in advance.

@johnt697 6 ай бұрын

If you dont pay even quarterly payments , you are going to get fined. This happened to me.. and I actually paid over 100% of taxes owed, so I was getting a refund but IRS fined me for underpayment EVEN THOUGH I am getting refund. They will fine you for each quarter that is underpaid.

@gregserafin1412 4 ай бұрын

He’s correct the exact same thing happened to me . they took the penalty out of my refund @@johnt697