It depends. The tax system, including most states, is pay as you go, when money is earned, the tax is due for each payment period. You can have a refund and have underpayment penalty depending on when the tax was paid.
Review Form Schedule U-2025 to see if the estimated tax covered the income. If the income was earned equally throughout the year, and the estimated tax was paid quarterly,
- In general, you may owe underpayment interest for 2025 if you did not pay at least the smaller of:
- • 90% of your current year (2025) tax liability, or
- • 100% of your prior year (2024) tax liability if you filed a 2024 return that covered a full 12 months.
- Note: The alternative to pay 100% of prior year tax liability does not apply to an estate or trust with taxable income of $20,000 or more.
- WI Schedule U Instructions
If you find you meet the requirements of estimated tax please update with further details and we will help.
@DWC-15170
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
