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Get your taxes done using TurboTax
No. You can find your 2023 federal tax liability on line 24 of your 2023 form 1040.
You will be able to claim the underpayment penalty waiver if any of the following apply:
- You paid 90% of the tax that you owe for the current year.
- If the current taxes paid are equal to 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.
- To avoid this situation, it's recommended that you adjust your W-4 with your employer, or pay estimated taxes.
For more information see, Guide to IRS Tax Penalties: How to Avoid or Reduce Them.
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April 2, 2025
12:16 PM