It depends on your total income and the amount of your IRA distribution. You've have to do the calculations to find out. If you federal and state penalties totaled $90, that would be the maximum savings @sonzoil.
Alternatively you can request a penalty waiver, if applicable.
The law allows the IRS to waive the penalty if:
- You didn't make a required payment because of a casualty event, disaster, or other unusual circumstance and it would be inequitable to impose the penalty, or
- You retired (after reaching age 62) or became disabled during the tax year or in the preceding tax year for which you should have made estimated payments, and the underpayment was due to reasonable cause and not willful neglect.
Topic No. 306 Penalty for Underpayment of Estimated Tax
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