For the most part, you will not be penalized for late payment of tax if you owe less than $1,000 in taxes when you file your tax return. If your end of year IRA contribution reduces your tax due to $1,000 or less you should not face a penalty for late payment of tax.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
