lucky penny
Full time employment: Posting here.
- Joined
- Jan 23, 2010
- Messages
- 735
I started doing my taxes on Turbotax & got a nasty shock. In past years I always withheld a lot, made no estimated payments & got a nice refund. This year, with RMDs & SS income starting last year, I knew things would be different but I thought I'd come out OK with modest withholding on the extra income. But boy was I wrong -- it looks like I'll owe Uncle Sam big time, around $7000!
Guess I should have done the math & figured that out ahead of time. (They call me Cleopatra since I'm the queen of denial....)
To avoid this next year, I'll ramp up withhholding on the extra income. Now I just gotta suck it up & write that check.
Question: what kind of penalty will they hit me with? Would it help if I just sent a big check now for an estimated payment? I'm not ready to file quite yet.
Guess I should have done the math & figured that out ahead of time. (They call me Cleopatra since I'm the queen of denial....)
To avoid this next year, I'll ramp up withhholding on the extra income. Now I just gotta suck it up & write that check.
Question: what kind of penalty will they hit me with? Would it help if I just sent a big check now for an estimated payment? I'm not ready to file quite yet.