Two of our taxable mutual funds paid out particularly large year-end distributions. Along with other taxable investment income, it came to about 46K, as I said in my last post.
I sent that info to our CPA and he ran our numbers and we need to pay over 10K in taxes. We need to pay at least $9,400 by 1/18 to avoid an underpayment penalty.
We have the funds, so that's not an issue. I just wasn't anticipating a 10K bill.
I did log in tonight and turn off reinvestment of dividends and capital gains for the one fund. The other fund already paid out rather than reinvesting. So at least when this happens again 12/22, we'll have those funds to draw from to pay the taxes.
Oh well. My father the accountant always said it's better to make the money and pay the taxes than to not make the money at all.