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What is the penalty for not paying quarterly taxes?

Asked by: livingeditor 962 views YA Discussion

I took an IRA withdrawl and the bank was supposed to withhold taxes also, but they failed to do so. I did not know this until I received my 1099. What penalty will the IRS charge me?

1 Answers

  1. tro on Apr 23, 2012 Reply

    if you were not 59 1/2 you know that 10% is a penalty
    the amount of your withdrawal will be taxed along with the rest of your income, which it is entirely possible that your withholding might have covered what you actually owe for income tax
    of course if you took a huge amount which would make your total taxable income greater and had not paid quarterly on the amount you eventually owe, there could be a penalty and interest added daily

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