Get your taxes done using TurboTax

I'm not sure what happened, but: 

• Did you pay estimated taxes?
• Did you make a large payment late last year , or this year.

The underpayment penalty may apply if any of these apply:

"If you don’t pay enough tax through withholding and estimated tax payments, you may have to pay a penalty." 

"You also may have to pay a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return."

Estimated taxes

• The amount of tax you paid during the tax year is less than 90% of the tax that you owed for the current year. 
• The amount you paid during the tax year did not equal 100%, (110% for higher incomes) of your taxes owed the prior year. 
• The IRS also says you can probably avoid the penalty if the amount you owe is less than $1,000, after subtracting withholding and refundable credits.

"Typically, underpayment penalties are 5% of the underpaid amount, and they're capped at 25%. Underpaid taxes also accrue interest at a rate that the IRS sets annually."

To avoid this situation it is recommended that you adjust your W-4 with your employer or pay estimated taxes.

Underpayment of Estimated Tax by Individuals Penalty

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