Reply To: Required to pay estimated taxes based on unexpected / unforeseen income?

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#3227
rc77z
Participant

Thanks for those replies.

The person in question is retired so she had no withholdings. Because of the unexpected income from a mandatory stock sale she ended up owing approximately $1,050 in tax at the end of the year. Normally she wouldn’t have owed anywhere near that amount.

As far as I know, social security and relatively small amounts of interest and dividend income are the only predictable income she has.

The estimated tax payment would have been due on January 15 of this year. She didn’t receive the tax document showing her income from the stock sale until the end of January.

Therefore I couldn’t see how she would have anticipated owing $50 more than the amount at which she could have ignored paying estimated tax.