Estimated tax requirements to avoid penalties and interest
I have a question about tax penalties and interest Suppose my total tax due was 30,000 last year, and all of that was due to employment. Suppose this year I expect to have about the same 30,000 taxes due from employment, and an additional 50,000 taxes due to long term capital gains for positions sold this year. If I give pay 33,000 in taxes during this year, through a combination of payroll directions and estimated tax payments, then I will owe 47,000 when I file next year (approximately, of course) True or False — since I paid 33,000 in taxes this year (110% of last years 30,000 total taxes due) then the 47,000 I owe and I pay when I file next year will NOT incur a penalty nor interest?
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