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Old 03-19-2009, 07:04 PM
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Underpayment penalty due to unforseen capital gains

I am using TurboTax and encountered a problem I don't know how to solve. On 9/29/08 I sold a few stocks and mutual funds (I capitulated), and realized a $32k capital gain. This is a one-time situation - have always had a refund in the past. My wife works and I'm a retired gov't worker that doesn't pay any state tax on my retirement. I don't really mind (actually, I do) the $114 underpayment penalty - I'm asking for a waiver. But I believe we'll be forced to do 2009 estimated tax payments even though this was a one-time event. How do get out of paying estimated taxes equal to the amount of tax for this year due to the sale of stocks/mutual funds.

I'm really concerned about this... Any suggestions/help ???



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