First of all, hello everyone. First time posting and very happy to have found this website. I started day trading - although by all IRS measurements I'm a lowly investor- about 3 months ago after the start of the covid-19 mayhem. My family had moved to Singapore last August and I had decide to look for work in supply chain at the beginning of 2020... Well, that didn't go as planned. Good news though is that I'm doing pretty well day trading, at least well enough that I need to be concerned with making quarterly tax payments. I've spent the last couple of days unsuccessfully roaming the web for answers on what I must do to stay on the good side of Uncle Sam. Frankly, hoping to get educated feedback from you. I know I'm in for some serious tax pains as an investor with short term capital gains revenue for 2020, filing married separately (40.8% at worst?). At least I don't have state taxes to worry about! But I can't figure out which tax form to fill out to guestimate my quarterly payments for 2020?. I'm testing TradeLog's accounting application which seems to do what it's supposed to do consolidating my various accounts for year end tax forms which, if I'm not wrong, are 1099-B, Form 8949 and Schedule D. Can anyone tell me which form I need to send with a fat check to the IRS every 3 months? I'd much appreciate it!
For US federal taxes you would send in the form 1040-ES. This is the estimated tax payment voucher. When you file at year end you will attach Schedule D for long and short term capital gains with form 8949 as an attachment for schedule D.
I glanced at a 1040-ES but it didn't seem applicable to traders although I will pay more attention now that I have confirmation, thank you.