You'll need to sign in or create an account to connect with an expert.
an interesting question! On the 2024 Form 1040, line 24 is the total tax, but in the "Payments section" just below, there can be certain credits like the earned income credit, AOC credit and the additional child tax credit. line 37 shows the amount owed, including any 2210 penalty. So what do you regard as your tax liability? if you're are being asked that for some Form or Schedule, please provide that information because the answer may not be above.
Assuming you are asking because of an underpayment of estimated taxes penalty, your 2024 tax liability is Line 24 of your 2024 Form 1040. It is the total amount of federal income tax you owed for 2024 — not what you paid, and not your refund. You avoid an underpayment penalty this year if you paid in at least:
Withholding is treated as paid evenly throughout the year — even if it was late. Estimated payments are credited by quarter and can trigger penalties if uneven.
If your current year total tax minus the amount of tax you paid through withholding is less than $1,000, you are not required to pay the underpayment penalty and do not need to complete Form 2210, Underpayment of Estimated Tax.
Different rules apply if at least two-thirds of your income is from farming or fishing. What are federal estimated taxes?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
cheung325
Level 2
halhoover
New Member
Ginawild
New Member
stew0770
New Member
zenmster
Level 3