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Get your taxes done using TurboTax
There are two main reasons you may not have an underpayment penalty:
1. your withholding and estimated tax payments in 2021 exceeded 100% of your 2020 liability or
2. you paid at least 90% of your tax due for 2021 through withholding and estimated tax payments.
When you fall into one of these "Safe Harbors", there is no underpayment penalty imposed.
‎November 16, 2022
2:25 PM