My dad called me today and he has a letter from the IRS imposing a penalty for failure to pay quartely taxes. His situation is he is a retired autoworker and gets a pension from Ford and Social Security. Once or twice a year he makes a withdraw from his 401K, usually to pay his taxes, and last year he took out $27K to buy a new truck, total withdraw for the year was $36K.
He has a goofy stockbroker who always talks him out of having taxes withheld on his withdraws, which I finally talked him out of but now he has this letter (I haven't seen it yet and will post the relevant details as soon as I do).
What I'm asking is, is there any way to get the penalty dropped, he has regular withholdings taken out of his pension and his SS payments, it seems to me that this is just something that came about because of the one time payment of $27,000. anyone got any advice?
I have a question...
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Gregg
- Conde de Quatloo
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I have a question...
Supreme Commander of The Imperial Illuminati Air Force
Your concern is duly noted, filed, folded, stamped, sealed with wax and affixed with a thumbprint in red ink, forgotten, recalled, considered, reconsidered, appealed, denied and quietly ignored.
Your concern is duly noted, filed, folded, stamped, sealed with wax and affixed with a thumbprint in red ink, forgotten, recalled, considered, reconsidered, appealed, denied and quietly ignored.
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Quixote
- Quatloosian Master of Deception
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Re: I have a question...
If his withholding for 2007 was at least as much as his tax liability for 2006, all he has to do is complete a Form 2210 and send it to the IRS to have the penalty removed.
His other option depends on when he withdrew the $27K. If it was late in the year, he could reduce the penalty by using the annualization worksheet for Form 2210.
Basically, look at Form 2210 and the instructions.
His other option depends on when he withdrew the $27K. If it was late in the year, he could reduce the penalty by using the annualization worksheet for Form 2210.
Basically, look at Form 2210 and the instructions.
"Here is a fundamental question to ask yourself- what is the goal of the income tax scam? I think it is a means to extract wealth from the masses and give it to a parasite class." Skankbeat
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Gregg
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Re: I have a question...
Thanks, I'll look into that
Supreme Commander of The Imperial Illuminati Air Force
Your concern is duly noted, filed, folded, stamped, sealed with wax and affixed with a thumbprint in red ink, forgotten, recalled, considered, reconsidered, appealed, denied and quietly ignored.
Your concern is duly noted, filed, folded, stamped, sealed with wax and affixed with a thumbprint in red ink, forgotten, recalled, considered, reconsidered, appealed, denied and quietly ignored.
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jkeeb
- Pirate Judge of Which Things Work
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Re: I have a question...
If the penalty is less than $100, just call and ask. They very well might drop it.
Remember that CtC is about the rule of law.
John J. Bulten
John J. Bulten