TransWikia.com

If I already had taxes withheld, will I get a refund for investing in a Qualified Opportunity Zone (QOZ)?

Personal Finance & Money Asked on July 15, 2021

When I sell any NSO or ISO (long and short term mixed) there are taxes withheld by the company/brokerage. In my understanding, investing in Qualified Opportunity Zones for a long term has benefits in that some portion (or all if >10 years) of the capital gain is written off. But at least in the near term, there is tax deferral.

But now if I already had taxes withheld, then:

  1. My deployable amount goes down
  2. I already paid taxes through withholding/estimated tax payment

So can this be reclaimed next year? Would I be penalized by IRS for overpayment in such a case? Any gotchas?

Also for 1, is there a way to reclaim the estimated payments or withheld amounts to fully benefit from the QOZ investment?

Add your own answers!

Ask a Question

Get help from others!

© 2024 TransWikia.com. All rights reserved. Sites we Love: PCI Database, UKBizDB, Menu Kuliner, Sharing RPP