In December 2020 I needed to pull some money for some expenses from my Annuity.
I added this up front with the 1099 form provided $8400. They did not take tax out.
I have never estimated taxes and don't plan to estimate and pay taxes quarterly.
I understand their concept - but the year ended before I couldn't pay taxes on it anyway and it is showing in the amount I owe.
I'm trying to figure:
1) since the value was is recorded and I will be paying taxes - what kind of penalty could there be for the 30 days.
2) do I need to even complete because I am paying the taxes with what I owe.
I don't want to pay my taxes then find out I owe some crazy penaly that I won't know about?
