Hal_Al
Level 15

Get your taxes done using TurboTax

Actually $1000 is a fixed figure. If you owe less than $1000, the IRS will not assess a penalty*.  States have a similar fixed figure but they are not all the same. Most use $500 or more. So, you should be safe owing $200. Even if you're not, the penalty is minuscule.

*even if you owe more than $1000, there are exceptions to the rule.