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Posted by Taxlover on March 20, 2008, 12:08 am
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>> 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
recover this year then I am better off paying the penalty and holding onto
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. >>
<< ------------------------------------------------------- >>
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