mw80
Level 1

Federal Tax Penalty

2024 was the first year I had to pay a Federal Tax Penalty. I do not have any taxes taken out of my income sources because I usually owe less than $1000 in Federal taxes and I prefer to pay rather than get a refund. Having the minimum amount withheld from my Social Security payment would put me into a refund category.  Is there a Federal tax amount owed that triggers the penalty?