You may not owe a penalty for underpayment of tax. The IRS will not charge you an underpayment penalty if (a) you pay at least 90% of the tax you owe for the current year, or (b) pay 100% of the tax you owed for the previous tax year (110% if your if your taxable income is $150,000 or more), or (c) you owe less than $1,000 in tax after subtracting withholdings and credits. So, just because you owe more than $1,000 does not mean you will owe a penalty.
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