You can avoid the penalty if your total timely estimated payments and withholdings are greater than or equal to the lesser of:
- 90% of the total tax after credits for the current year, or
- 100% of the total tax after credits in the prior year
You can also avoid the penalty if the amount you owe is less than $1,000 as long as any estimated tax payments payments you made are timely.
For more information click this link.
@isaacamick
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