|
#1
03-20-2008, 03:08 AM
| |||
| |||
 Re: Penalty on underpayment? "ed" <edcosoft[at]sbcglobal.net> wrote in message news:6eb15e48-bac0-488e-a829-abf51d443327[at]13g2000hsb.googlegroups.com... - quote - > On Mar 19, 3:57 pm, "Taxlover" <taxlo...[at]yahoo.com> wrote:
recover this year then I am better off paying the penalty and holding onto> > Lets take a worst case scenerio. I have ordinary income on January 1st > > that > > would result in a $100,000 tax bill, before penalties. I pay no estimated > > taxes and have no withholding. > > What will my penalty be? Approximately; I mean, $500, $5,000, $50,000? > > (If you know the penalty for NYS also that would be great.) > > > -- > > << ------------------------------------------------------- > > > << The foregoing was not intended or written to be used, > > > << nor can it used, for the purpose of avoiding penalties > > > << that may be imposed upon the taxpayer. > > > << > > > << The Charter and the Guidelines for submitting posts > > > << to this newsgroup as well as our anti-spamming policy > > > << are atwww.asktax.org. > > > << Copyright (2007) - All rights reserved. > > > << ------------------------------------------------------- > > $4,551.30 using 2007 rates (8% all year).. So far in 2008 the penlty > would be$3,982.39 at 7%. This assumes your tax liabiity for last year > was at least as much and you didn't pay your 2008 taxes until April 5, > 2009. Sorry ot enough information to do NY. Well, that's not so bad, thanks. Heck, if you figure the market is going to the money. (but on the other hand, I could lose money in the market AND pay the penalty...) Yes, assume my 2007 income was much larger so there is no safe harbor. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
03-19-2008, 11:26 PM
| |||
| |||
| Re: Penalty on underpayment? On Mar 19, 3:57*pm, "Taxlover" <taxlo...[at]yahoo.com> wrote: - quote - > Lets take a worst case scenerio. *I have ordinary income on January 1st that
would be$3,982.39 at 7%. This assumes your tax liabiity for last year> would result in a $100,000 tax bill, before penalties. *I pay no estimated > taxes and have no withholding. > What will my penalty be? *Approximately; I mean, $500, $5,000, $50,000? > (If you know the penalty for NYS also that would be great.) > -- > << ------------------------------------------------------- > > << The foregoing was not intended or written to be used, * > > << nor can it used, for the purpose of avoiding penalties *> > << that may be imposed upon the taxpayer. * * * * * * * * *> > << * * * * * * * * * * * * * * * * * * * * * * * * * * * * > > << * The Charter and the Guidelines for submitting posts * > > << *to this newsgroup as well as our anti-spamming policy *> > << * * * * * * * * *are atwww.asktax.org. * * * * * * * * > > << * * * * Copyright (2007) - All rights reserved. * * * * > > << ------------------------------------------------------- > $4,551.30 using 2007 rates (8% all year).. So far in 2008 the penlty was at least as much and you didn't pay your 2008 taxes until April 5, 2009. Sorry ot enough information to do NY. ed -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#-1
03-19-2008, 07:57 PM
| |||
| |||
| Penalty on underpayment? Lets take a worst case scenerio. I have ordinary income on January 1st that would result in a $100,000 tax bill, before penalties. I pay no estimated taxes and have no withholding. What will my penalty be? Approximately; I mean, $500, $5,000, $50,000? (If you know the penalty for NYS also that would be great.) -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| penalty, underpayment |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Can someone clarify underpayment penalty for me? Art: I think I will have an underpayment penalty this year unless I do something, but was wondering if someone can clarify some points for me. Here is... | Taxes | 9 | 10-24-2006 11:27 AM | |
| Underpayment penalty vs. early withdrawal penalty Dave Rudisill: Since nobody responded when I asked this question three weeks ago, I'll try again: We retired early and are living off our IRAs. Since we are... | Taxes | 3 | 03-09-2006 02:21 AM | |
| Underpayment Penalty sftydvr: What is the proper method of avoiding an under payment of taxes penalty for a situation where the sale of a large asset occurred in the last part... | Taxes | 6 | 10-25-2003 09:34 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
