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I have to take money out of my IRAS and 401K by Dec. 31 this

Customer Question
I have to take money...
I have to take money out of my IRA'S and 401K by Dec. 31 this year. If i have the 10%
standard taken out and I have extra income and the 10% is not enough,is there a penalty
or it only means I will owe more tax in aprial.


Larry McGhee ([email protected])
Submitted: 6 years ago.Category: Tax
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Answered in 4 minutes by:
12/2/2010
Tax Professional: CGCPA, CPA replied 6 years ago
CGCPA
CGCPA, CPA
Category: Tax
Satisfied Customers: 3,820
Experience: over 40 years experience in tax matters
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Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

 

Larry,

If you owe taxes in excess of $1,000 at the time you file your return you can be penalized. The law requires that, either through withholdings or estimated payments or a combination of the two your final tax obligation be less than $1,000. There are a few exceptions to this. You can review the rules specifically applicable here at www.irs.gov Read the instructions for the underpayment of estimated taxes to see if any of the exceptions may apply to you.

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