estimated tax due

[Commodities]

What is the name of your state?What is the name of your state? VA

My problem is most of my gain came in the past month, and before then, I was not sure I would even have a gain for the year. Now it looks like I will owe a large amt. of tax.

From what I have read, I have until Jan. 15th 2006 to make an estimated tax payment for 2005. Is this right? I guess as long as I do this to get my taxes paid up to within 10% of last years tax bill, I will not owe a penalty?

Any confirmation of this would help ease my concerns. Thanks.

 

[abezon]

To avoid penalty, you have to pay in 90% of this year's tax or 100% of last year's tax, whichever is smaller. If you make enough to trigger the 108% rule, you've got a tax pro anyway.