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Get your taxes done using TurboTax
Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding and estimated tax of at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller. In your case, you'll most likely avoid the penalty so long as you had withholding of at least 90% of the tax for the current year.
Ruth C-L, CPA, Attorney
‎June 28, 2023
5:01 PM
1,516 Views