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Get your taxes done using TurboTax
You will see what is required to eliminate the underpayment penalty. I assume that your payments in estimated tax equal or exceed the limits below based on your 2020 Total Tax (look for this line on your 2020 1040, page 2). For you this will be 110% of total tax for 2020.
Who Must Pay the Underpayment Penalty
In general, you may owe the penalty for 2021 if the total of your withholding and timely estimated tax payments didn't equal at least the smaller of:
1. 90% of your 2021 tax, or
2. 100% of your 2020 tax. Your 2020 tax return must cover a 12-month period.
NOTE: Higher income taxpayers.
If your adjusted gross income (AGI) for 2020 was more than $150,000 ($75,000 if your 2020 filing status was married filing separately), substitute 110% for 100% in (2) above.
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