Message Font: Serif | Sans-Serif
No. of 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.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.