When you view your 2022 Federal 1040 tax return, do you see the $188 on line 38?
If so, the $188 is an underpayment penalty.
You are assessed an underpayment penalty for 2022 if you owe $1,000 or more in taxes (after withholding) and:
- Your taxes withheld do not cover at least 90% of what you owe for 2022, or
- Your taxes withheld are not at least 100% of what you owed for your 2021 taxes, if your adjusted gross income (AGI) is up to $150,000, or
- Your withholding is 110% if your AGI is more than $150,000. (The AGI amount is $75,000 if you're married filing separately.)
IRS form 2210 Underpayment of Estimated Tax by Individuals, Estates and Trusts may be found here:
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Other Tax Situations.
- Scroll down to Additional Tax Payments. Click Show more.
- Click Start to the right of Underpayment Penalties.
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