DW got a one-time taxable windfall this past January 22. Using an online tax estimator, it appears that we will owe $2500 above and beyond what was withheld. We have automatic withholding for our pensions and S.S., and but for the windfall those withholdings would be very close to our tax obligation.
If I just wait until 2021, and indeed owe $2500, will there be a penalty and would it be substantial? Believe it or not I cannot find a straight answer in Google searching.
If I just wait until 2021, and indeed owe $2500, will there be a penalty and would it be substantial? Believe it or not I cannot find a straight answer in Google searching.