For the federal tax return, the IRS can charge a failure to pay proper estimated penalty if your total estimated payments and withholdings don't equal the lesser of:
- 90% of the tax you owe for the current year, or
- 100% of the tax you owed in the prior year
You can also avoid the penalty if the amount you owe is less than $1,000.
TurboTax calculates the estimated tax vouchers based on your tax in the prior year so you will not have a penalty if you make those payments.
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