Hello kamull01,
It is very had to tell if you will have underpayment penalty or not. Please note penalty is calculated based on several factors i.e. total tax liability for the year, final balance due, total payments.
From IRS website:
"You may avoid the Underpayment of Estimated Tax by Individuals 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."
https://www.irs.gov/payments/underpayment-of-estimated-tax-by-individuals-penalty
Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!
