In the US, I made large capital gains on the last few days of 2020. It was not so much anticipated, so I didn't send the IRS any estimated taxes for these gains. I am afraid of possible penalties for paying late the taxes related to these gains. Taxes owed (including the capital gains) far exceed the withholding made by my employer.
I read about form 1040-ES which lets you send to the IRS estimated tax payments. The form 1040-ES asks to send 4 payments, quarterly, on 4/15/2020 6/15/2020, 9/15/2020 and 1/15/2021. I could have made a payment before 1/15/2021 after the capital gains were made, but wasn't aware of that deadline for payment of estimated taxes. The form also says that you don't have to make a payment by 1/15/2021 if you fill and pay your return and pay in full by Feb 1.
I likely won't get other tax forms (W2, etc) before Feb 1, so that's not an option.
There is also form 1040-V. Quoting the form: that form is a statement you send with your check or money order for any balance due on the “Amount you owe” line of your 2020 Form 1040, 1040-SR, or 1040-NR. However, I haven't filled the return yet, so I have no idea of the 'amount you owe' line.
Question:
- Should I fill a 1040-ES and/or 1030V anyway and send a check?
- Can I just pay through https://www.irs.gov/payments/direct-pay by calculating approximately my taxes owed, plus some extra to be sure, and be done with it? (I will claim a refund later if needed)
- What are my options?
