You are correct, but there is also a 'safe harbor' provided by the IRS. If your total payments for the year are at least 90% of the current year's tax liability, or 100% of the prior year's tax - 110% if your Adjusted Gross Income in previous years was over 75,000 if married filing separately or 150,000 if filing as single or married filing jointly - you will avoid the penalty.
@FrustratedUser Hope this helps!
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