As a retention incentive, I was granted stock (about $60,000) in my employers privately owned company.
The stock grant went through payroll in December and had FICA taken out but no income tax. I anticipate a huge tax bill when I file ($20,000+).
Is the IRS going to clobber me for this? Will I have penalties for not paying quarterly taxes or be forced to pay quarterly taxes this year even though this was a one-time thing? Should I do anything now or handle it all when I file?
Someone asked "Can you confirm this is outright stock grant and not the more commonly granted options?". I'm not sure what the difference is. I was given 200 shares of restricted stock. The value of those shares shows up on my paystub and W2 as income paid to me. From the outside, it looks like my company paid me a $60,000 bonus and then I gave it back to them for 200 shares.
Mod note - this question was merged from this one as the OP lost access to the account that posted it and wanted to make changes.