VSLA...[at]weizmann.weizmann.ac.il (Larry Israel) wrote:

- quote -

If you had based your installments on last year's tax, you
wouldn't owe enything more for a large capital gain anytime
during the year. If your 4 (EQUAL AND ON TIME)installments
plus withholding did not equal last year's tax (110% of last
year's tax if your AGI last year was over $150,000)and you
paid your full tax due on April 15 the penalty will be
..05258 of the underpayment and the IRS will figure it and
send you a bill if it's a significant amount. No form 2210
is needed. See page 2 of form 2210 Short Method.

ed

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James Lewis <jmpj[at]verizon.net> wrote:
- quote -

The Out-of-the-country exception is a two-month extension.

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"James Lewis" <jmpj[at]verizon.net> wrote:
- quote -

If you are out of the country on 4/15, you have an automatic
extension to 6/15 to file your tax return. You do not need
to file Form 4868, to avail yourself of this extension. See
the instructions for Form 4868 for details.

Ira Smilovitz

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"James Lewis" <j...[at]verizon.net> wrote:
- quote -

Considering that the person lives outside of the USA, I
would say that they are entitled to the automatic 45 day
extension.

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Larry Israel <VSLARRY[at]weizmann.weizmann.ac.il> wrote:

- quote -

It's ugly, but Form 2210 Schedule AI is used to annualize
income and deductions vs estimated and withheld taxes.

So if most of your income is last quarter, it will determine
most of your estimates should have been last quarter.

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"Larry Israel" <VSLARRY[at]weizmann.weizmann.ac.il> wrote:

- quote -

If you are an individual, I know of no extension that only
goes to 6/15. It should extend the FILING date to 10/15.
Assuming you are an individual, use form 2210. On this form
you can show a large earnings in the last quarter and the
penalty will be based on that fact.

Mike

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I have an extesion to file until June 15, so I am not in the
penalty area. However I just noticed that I had an
unexpected capital gain in December. I realize that I will
have to pay interest on my underpayment of estimated tax
since then, but what form can I fill out to prevent the IRS
from considering it spread out for the whole year?

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