I filed extension for Federal and State of Michigan for 2024. I paid taxes that I thought I owed to Federal but based on my calculation I was supposed to receive refund from MI so I did not pay MI. However, I am now trying to file State of Michigan return and turned out that I owed MI $194.
However, I met the all of the following below;
(source: https://www.michigan.gov/taxes/questions/iit/accordion/estimate/why-am-i-being-charged-penalty-and-i...)
I paid
- 90% of your current year's tax liability
- 100% of the previous year's tax liability
- 110% of your previous year's tax liability if your previous year's adjusted gross income is more than $150,000 ($75,000 for married filing separately)
Since I paid enough taxes to meet all of the above, does it mean that I won't owe any penalty even if I owe MI $194 for 2024 tax and paying past April 15, 2024?
Please clarify. Thank you.
