I took an early withdrawl from my 401K to cover a house purchase and college this year but now don't think I had enough withheld to cover the taxes and early withdrawa penalty. I would like to make sure enough is withheld so I dont get hit with more interstest and penalties. How do I pay my estimated amount I think i owe the IRS. Do I use the quaterly payment estimate of taxes and send that to the IRS. When is it due. Is January 15 the cutoff date to get payments in during 2007?
2007-12-10 01:14:44 · 3 answers · asked by maxton 2 in Business & Finance ➔ Taxes ➔ United States
There is a quarterly payment form but doubtful that this would be relevent to you. Talk to a CPA about this as more information would be required than you would want to post on a website.
2007-12-10 01:43:02 · answer #1 · answered by digdowndeepnseattle 6 · 0⤊ 2⤋
Make a quarterly estimated payment by Jan 15 to avoid the possibility of any problems.
2007-12-10 20:54:23 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Quarterly Estimates due by Jan 15, 2008 yes. Any further tax liability is due by April 15, 2008.
Remember that penalties are not deductible from gross income.
If you have paid as much tax as you did last year for 2006, no additional penalties are applied.
2007-12-10 09:21:26 · answer #3 · answered by ed 7 · 2⤊ 0⤋