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Recommendations: 0
I didn't pay the OH qtrly estimated tax this year. I don't exactly remember the reason right now, but there was a reason.
There is no opportunity to do an extra withholding at this point. Vanguard will NOT withhold OH taxes on IRA withdrawls. That surprised me.
I have a pretty good idea what I will owe in OH taxes and want to write a check now. It is subtantially more than the amount of the total estimated tax.
So, should I write one check for the total that I think I will owe for the year and send it in with the 4th quarter estimate stub?
Or should I mail in all 4 stubs with 4 checks each reflecting the stub amount and enclose a fifth check for the remainder amount?
I believe that if I annualize the income that there may be no penalty due, but I don't know that for sure yet. (There was a relatively large withholding in 1/07 - payroll withheld taxes on a one time bonus as though it was biweekly pay. That's why I think there's a chance there may be no penalty if I annualize income. Plus all IRA withdrawals and cap gains were taken in 4th quarter.)
What is the best way to pay now?
Thank you.
Lethean
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