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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: diana g who wrote (3586)	1/24/2001 4:38:19 PM
From: Nutty Buddy	Read Replies (2) \| Respond to of 5810

Thanks for the help. That Form 2210 did the trick in Turbo Tax. Now for 2001, I have already realized a gain this quarter. Is there anything in Turbo Tax 2000 that will figure my 2001 1st quarterly estimated payment based on this gain? I am employed and my withholdings at work have always been pretty exact for my work income, but this gain will mess things up. Is there a basic percentage rule per quarter that I can use on these stock/mutual fund sales gains per quarter to stay out of trouble? That 2210 form looked intimidating. Lets say I have a $10,000 short term realized gain this quarter and don't foresee any other gains this year, do I pay the whole 28%(my bracket) in April or do I spread it out over the quarters at certain percentages? Buddy

To: diana g who wrote (3586)	1/24/2001 11:49:22 PM
From: Dan Duchardt	Read Replies (1) \| Respond to of 5810

diana, this depends on income level, I think Good point. I think you are right. Dan

To: diana g who wrote (3586)	2/4/2001 1:11:28 AM
From: PuddleGlum	Read Replies (2) \| Respond to of 5810

I've scanned recent messages on this board but haven't found anything to answer a burning question. I've heard a number of people say that I've got a tax nightmare because I did the following: I exercised an ISO when the market price was $200. I paid under $7 per share. A few months later the stock was at $61, so I figured that there was no reason to subject myself to AMT on $193 per share if I could pay ordinary income tax on $54 per share, so I sold the stock, booked the profit, and promptly bought the stock back at $61. I've heard that this is considered a wash sale, in spite of the fact that I sold the stock at a profit. According to what I've read, the AMT is nullified if you sell the stock in the same year that you exercised it, and a wash sale is specific to securities sold at a loss. Can anyone shed light on this? And if it is a wash sale, how does one record this nasty and tricky little detail in TurboTax? Thanks, pg