To find out what your 2024 tax liability is, you will need to look at your 2024 return and look on line 24. Even if you don’t have a business, the IRS can add penalties for a few common reasons:
- If you didn’t have enough tax withheld from your paycheck during the year, the IRS may charge a small penalty. This often happens if:
- You changed jobs
- You didn’t update your W‑4
- You had side income (even small amounts)
- You had unemployment benefits
- You withdrew from retirement accounts
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