Message Font: Serif | Sans-Serif
No. of Recommendations: 0

You will need to file form 2210 to handle uneven income and withholding.

For income in the 4th quarter, federal penalty starts from Jan 15th. If your state has income tax, then you need to check your state's requirements.

This may give you an estimate:
Given the last minute changes in the tax laws, I am not certain that any calculator is correct.

The most likely 2012 federal safe habor would be $1,000 less than your tax liability for 2012.

The penalty is essentially daily interest until paid. I don't know the exact interest rates for 2012. They haven't been extremely high. I believe for an individual in the range of 3%.

Delaying federal payment until April would like cost you between 1 and 2% of the underwithheld amount.
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.
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.