topic Do I pay penalty on 2017 return if I plan to pay estimated tax payment in 4th Qr. of 2017 only to cover IRA account withdraw? in Get your taxes done using TurboTax

Do I pay penalty on 2017 return if I plan to pay estimated tax payment in 4th Qr. of 2017 only to cover IRA account withdraw?

cchang77382 — Wed, 05 Jun 2019 02:13:31 GMT

I have not paid them for the first three quarters.

No. That is allowed. But, you may have to use the "annua...

Hal_Al — Wed, 05 Jun 2019 02:13:33 GMT

No. That is allowed.

But, you may have to use the "annualized method" when Turbo Tax prepares form 2210 to calculate the penalty (or prove there is not penalty). Turbotax will let you know if you need it.

The Q4 estimated tax payment will determine whether or no...

dmertz — Wed, 05 Jun 2019 02:13:33 GMT

The Q4 estimated tax payment will determine whether or not you will have an underpayment penalty for Q4 but will not affect whether you have underpayment penalties for Q1 through Q3. If your IRA withdrawal was in Q1, Q2 or Q3, you might still have a penalty for the quarter in which the IRA withdrawal occurred, and for the quarters other than Q4 that follow.