There will be no federal penalties for not paying in enough taxes during the year:
- if withholding and timely estimated tax payments equal or exceed 90% of your 2021 tax
or
- if withholding and timely estimated tax payments equal or exceed 110% of your 2020 tax
or
- the balance due after subtracting taxes withheld from 90% of your 2021 tax is less than $1,000
state laws differ
