Possibly. It will depend on your income levels.
The rule to prevent penalty assessment for taxpayers whose filing status is married filing jointly with AGI of $150,000 or less (single with AGI of $75,000 or less) is:
Taxes must be paid through the current year to equal the lower of either
- 100% of the prior year OR
- 90% of the current year
The rule to prevent penalty assessment for taxpayers whose filing status is married filing jointly with AGI of $150,000 or more (single with AGI of $75,000 or more) is:
Taxes must be paid through the current year to equal the lower of either
- 110% of the prior year OR
- 100% of the current year
