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Get your taxes done using TurboTax
Thanks for replying with such detail. It sure is a PIA. The IRS should reword their underpayment text to indicate that each QTR must be met to avoid penalty for the 100% prior year paid avoidance. Currently it just says:
"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. If your adjusted gross income (AGI) for 2023 was more than $150,000 ($75,000 if your filing status for 2024 is married filing separately), substitute 110% for 100%.
Nothing there about each QTR which would have made me do things differently, had I understood what your reply states. Thank again.
‎January 12, 2025
6:44 AM