Unfortunately I didn't do this last year. I've already filed my taxes and everything is in order and I'm awaiting my return. I did this today and it will be on next years tax return. My wife and I's total federal withholding is about 14k for last year and we didn't owe taxes. I pulled 22.8k today, and since we won't be going up to the next bracket I assume we'll owe 35%, not including state? Will I be penalized further for not paying that now and waiting till next tax season?
