TLDR: concerned I’m underpaying taxes on $35k of Pre-IPO stocks I use to work at Doordash pre-IPO, I sold all my stocks as soon as I could. It came out to a total of $35k. I set aside almost 9k (25%) for taxes. But now I’m concerned, because I entered my Charles Schwab doc into turbo tax and apparently I only owe like 3k (federal) on them 🤯 does that seem right? I obviously would rather pay 3k than something more but I’m very skeptical that it’s the correct amount. Also I did notice the majority of my stocks were marked at “long term” vs short term. Also I’m using turbo tax because I procrastinated & can’t find a trusted CPA
cpa
I second this. Find a CPA, the penalty for underpaying is not worth the risk.
Shouldn't this all come out in the wash so to speak when you file your taxes? If you underpaid, you'll owe more and if you overpaid, you'll get the difference back in the form of a credit
if you underpay by too much there’s a penalty
Its correct. When we get paid, company may tax at higher bracket. That means you paid more tax than you should. So it make sense to me