I understand why I owe taxes, but I don't understand why the safe harbor provision doesn't apply for the underpayment penalty. From the 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. 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%."
I've already paid >110% of the tax shown on my 2023 return, so I thought that would avoid the penalty. What am I missing?
