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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16580
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Need to pay a 10 % additional tax on an IRA withdraw for 2013

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Need to pay a 10 % additional tax on an IRA withdraw for 2013 how should I send the money?
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question. Your 10% penalty will be assessed on your tax return and you can pay it when you file. You can also have your plan administrator withhold the amount for you.

Your 10% penalty will be listed on form 5329. You will receive a 1099 from your plan.

So, you can have the plan withhold the 10% or you can pay it when you file your tax return. More information can be found here:http://www.irs.gov/taxtopics/tc558.html

Please let me know if you need anything additional. If not please rate as excellent so that I may receive credit for assisting you today.
Customer: replied 4 years ago.

I do not want to keep that money on my account, what should can I do? How can I pay earlier?

Hello, Franklin and thanks for your follow up.

You can send in an estimated payment. You can do this by sending in form 1040-ES. Write "2013 1040-ES" and your social security number on the memo line of your check.

You can find the 2013 1040-ES HERE online. The voucher is on the very last page. The instructions will also tell you where to mail your payment. The address you mail it to depends on what state you live in.

Please let me know if you need anything additional. If not, please rate as "excellent" so that I may receive credit for assisting you today. Thanks again!
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