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Old 07-03-2019, 07:31 PM
 
15 posts, read 4,493 times
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I paid 34k in taxes last year. So far this year, I only paid around 11k in tax withholding through my current job unrelated to stocks and have already made more in half a year than I did for 2018 through stocks. I heard my w2 withholding if I make a huge lump sum will be able to get rid of the penalties for the underpayment for the 1st two quarters. Since I only have a month or so at my current job, my whole paycheck w2 withholding can cover the whole CA state estimated tax but not the federal since federal is much greater. Should I just put the whole amount towards CA state and avoid the 6% interest penalty for the state and pay the 6% for the federal? There is no way I can make 110% of last year's tax liability for federal but I will be able to for state is my reasoning. Any tips?

Thank you!
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Old 07-03-2019, 07:46 PM
 
18,845 posts, read 13,587,446 times
Reputation: 14261
Same as this thread ?

About to get fired, and need to make estimated tax payments for my stock sales. What to do?
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