Oops - I under estimated first provisional tax payment what now?
By Marc Sevitz · Updated
I just filed and paid my IRP6 for the first payment just to realize that I might have under-estimated. Do I need to ask for a correction or can I rectify it with my second payment? Will there be any penalties?
Please let me know
I suggest rectifying it now and requesting a correction and resubmitting. If you did underestimate then there are serious penalties and interest that could accrue.