Mom pays estimated taxes for entire year with 1st payment, had unexpected cap gain

My mom pays estimated taxes. She makes the entire years payment with the first payment. Over the last 6 weeks she has had to move into a dementia care unit and we needed to raise funds. We cashed out an annuity that had accumulated approx. $10k in tax deferred interest. I do not believe the estimated taxes will be enough to cover this unexpected gain and I would like to make an additional $2k payment to the IRS to cover this deferred interest.

My question is how to do this? I have tried googling but can't seem to find the information. Can I just create another 1040-ES form with TurboTax and pay it using the 4th Quarter payment even though she has already paid the estimated taxes for the year including all coupons with the 1st payment? Is there another form I should use?

Thank you very much in advance for any help.

--Pat

Reply to
AlPastor
Loading thread data ...

Yes, that will work just fine.

Realize that if her timely paid quarterly estimates equal 100% of last years tax (110% if last years AGI is over $150,000) then additional estimates are not required.

Reply to
Arthur Kamlet

"AlPastor" wrote

The 4th quarter 1040ES works great - use it.

Reply to
Paul Thomas

You can certainly use a 1040ES voucher for the 4th quarter.

But, you might want to see if you ----> need -----> real address on hobokeni or hobokenx

Reply to
Benjamin Yazersky CPA

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.