KrisD15
Expert Alumni

Get your taxes done using TurboTax

No, you will not get a Underpayment penalty.

If you paid more than 100% of your 2023 tax liability, the IRS will not apply a penalty.

 

According to the IRS:

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%.
 

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