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15
votes
2answers
1k views

Estimated Taxes after surge in income

Last year my self-employment income was $300k and I paid about $80k in federal taxes. This year, in the first quarter, all of my business dried up and I had $0 in income. Turbo tax was advising me ...
3
votes
5answers
361 views

Under what circumstance will the IRS charge you a late-payment penalty for taxes?

IRS Topic 301 states You will owe interest on any past-due tax and you may be subject to a late-payment penalty if the payment of tax is not made by the original due date of your return. The ...
3
votes
2answers
107 views

Roth-IRA withdrawal penalty: 10% of what?

Early non-exempt withdrawal from a Roth-IRA results in a "10% penalty". A 10% penalty on what amount: The amount withdrawn? The remaining balance of the Roth IRA? Both? Insight appreciated
1
vote
2answers
178 views

What is the amount of extra interest I have to pay along with my tax due?

My total tax payable is 60803 for the financial year 2012-2013. But, TDS deducted till 31st 2013 is 50822, so I have to pay the tax due of 9981. What is the exact amount I have to pay? Is there ...