We have gotten a refund the last 5 years. Last year it was close to $2K. My husband started drawing SS in 2023 and we therefore we did not have to pull money from Retirment savings, which is heavily taxed. So, this year we may owe over $7K in taxes. We only have pensions, SS and Rental income. The rental income is stable, but we had less rental property expenses. How does the IRS calculate this penalty?
