Used to be "no penalty" if you paid 90% of the tax you ended up owing via withholding and estimated payments (in other words, either of the pay-as-you-earn methods), OR 100% of the tax you paid the previous year. I don't know if that's the current rule, but your new tax guy should be able to answer that in a jiffy, without an in-person visit, and you MAY be able to make an immediate est. pmt. in January to avoid the penalty (although I think 1-15 was the deadline for that).
I've usually anticipated this situation whenever I have unexpected income on which there's no withholding, and gone ahead and made an est. payment or had more withheld from other income sources, but not always.
--BG
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>
> One question someone maybe can help me with...This will be
> the 1st year, I claim a fair gambling win. I don't
> have taxes taken out of w2's, so will be paying in several
> grand. My question...will I get stuck for penalty for
> not having enuff withheld? Got a new tax guy &
> haven't been there yet.
>
>
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