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View Diary: Ryan's latest whopper: Oops, I 'overlooked' 20% of my income (Updated) (301 comments)

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  •  depends on what they paid last year (1+ / 0-)
    Recommended by:

    I believe.

    "Mitt Romney has more positions than the Kama Sutra." -- me "Social justice is love, made public." -- Cornel West

    by billlaurelMD on Sat Sep 22, 2012 at 07:17:48 AM PDT

    [ Parent ]

    •  No it doesn't (0+ / 0-)

      You pay interest on the amount of underpayment based upon an IRS schedule.

      If you are a business and file quarterly and underestimate your taxes for the quarter and end up owing more then you paid then whether you have to pay a penalty depends on how far off your estimate was from the amount of taxes paid the previous year.

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