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Author: lethean Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120780  
Subject: OH estimated tax Date: 12/10/2007 2:14 AM
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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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