It depends. For tax year 2024, the penalty for underpayment of estimated tax wasn’t a flat dollar amount — it was an interest-based charge calculated on underpaid amounts for each quarter of the year. You may owe the penalty if either:
You didn’t pay at least 90% of your 2024 tax liability through withholding and estimated payments, or
You didn’t pay at least 100% of your 2023 tax (110% for high-income taxpayers) through withholding/estimated payments.
Two Ways to Pay Tax - IRS
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