Yes, you can avoid an underpayment penalty by making sure enough is withheld or paid during the year.
There will not be an underpayment penalty if:
- Your filed tax return shows you owe less than $1,000 or
- You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less.
You can use TurboTax to help you figure out how much to pay. Click here for more information.
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