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    thermokline's Avatar
    thermokline Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 11, 2009, 03:01 AM
    401K penalty & taxes
    Do I wait until I file my 2009 to pay 10% penalty and additional tax I held or should I send a check now to the IRS. The amount is 10k penalty and I estimate I will owe an additional 6k in fed tax. I'm thinking with this large liability fed's will charge penalty? Not sure - please advise.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Nov 11, 2009, 03:39 AM

    If you have already paid tax (including estimated tax and tax withheld) equal to 100% of tax on your 2008 tax return, then you do not need to send any payment now. Pay when you file your tax return on or before April 15, 2010.
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