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My wife and I are retired. As of today, and at least until December 2012, I have had more funds withheld from my Social Security payments than needed to settle my income tax bill next April. But in Q4, I will have substantial taxable income (mandatory IRA withdraw from my IRA and probably a partial Roth conversion from my wife's IRA).

The tax prep software says pay $X each quarter. I can do that, but wonder if there is any reason to or penalty for waiting since all the income that will cause the need for payment actually will happen in December.

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