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6 answers

Only if it turns out that you don't owe anything. You should have filed quarterly anyway, but they won't penalize you for taxes you don't owe.

Otherwise, you will be hit with penalties.

2006-12-27 10:27:23 · answer #1 · answered by Lisa A 7 · 0 0

Probably not, if you paid tax last year. You can reduce the penalty by paying the amounts you should have paid immediately. Get a copy of form 2210 and work through the penalty exceptions. The 2006 form isn't available yet, but you can get an approximate answer using the 2005 form on the IRS website at the link below, making appropriate adjustments (e.g. substituting 2006 for 2005!).

2006-12-27 10:16:38 · answer #2 · answered by TaxGuru 4 · 0 0

Do a tax projection pronto! Get a EA or CPA to help you. If you have a traditional IRA you can take a withdrawal, have the whole amount withheld as tax then re-deposit the money within 60 days. That will satisfy the withholding requirement. Be sure you can re-deposit the money in 60 days or you will have a whole new problem.

2006-12-28 03:59:37 · answer #3 · answered by daoco 4 · 0 0

Probably not. If you make an estimated payment by January 15 to cover the missing amounts, you might slide by.

2006-12-27 10:11:28 · answer #4 · answered by Judy 7 · 0 0

Hire an accountant to do that crap for ya, dont get behind or you will get a penalty, take care of this problem asap!

2006-12-27 10:16:23 · answer #5 · answered by Andy 5 · 0 0

If you have any W-2 income and have another payday this year, See if its to late to have the entire check withheld. Withholding is treated as if it was withheld equally throughout the year. Its probably to late, but I don't believe the question is legitimate anyway.

2006-12-27 10:15:11 · answer #6 · answered by STEVEN F 7 · 0 2

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