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Get your taxes done using TurboTax
It depends. It is not likely that it has anything to do with your 2022 tax return.
Reasons why a penalty could occur on your current (2023) tax return:
- Estimated payments were made, however they were not paid on time (this can apply even if there is an overall refund on the return).
- As an employee there was not enough withholding to cover your total tax based on the W-4 you would have completed for your employer.
- An unexpected event occurred that gave an additional amount of income where no tax withholding was taken.
Here are the exceptions to the penalty (Form 2210 Instructions:(
Exceptions to the Penalty: You won't have to pay the penalty or file this form if either of the following applies.
- You had no tax liability for 2022, you were a U.S. citizen or resident alien for the entire year (or an estate of a domestic decedent or a domestic trust), and your 2022 tax return was (or would have been had you been required to file) for a full 12 months.
- The total tax shown on your 2023 return minus the amount of tax you paid through withholding is less than $1,000. To determine whether the total tax is less than $1,000, complete Part I, lines 1 through 7.
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‎January 22, 2024
1:57 PM