No. The penalty is calculated as part of your tax return on line 59 on the 1040 form and added to your overall tax. Any withholding from all W-2's and 1099's will be applied to offset that tax. Any excess will be a refund, any shortfall will be tax owed that needs to be paid when you file.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
