you don't give enough information as to what your tax liability is. A $7500 credit and $7500 paid in may or may not meet your tax liability.
You can always update your w-4 and claim more exemptions but, do note if you did not have enough taxes paid in you could end up subject to interest and penalties depending on your income level. Failure to pay proper estimated tax - when you don’t pay enough taxes due for the year with your quarterly estimated tax payments, or through withholding, when required:
- Estimated tax payments are generally required, if you expect to owe at least $1,000 in tax after subtracting withholding and refundable credits.
- Generally calculated on Form 2210
- We calculate the penalty separately for each required installment. The number of days late is first determined and then multiplied by the effective interest rate for the installment period.
- See Publication 505 for more information.
- See IRS News Release IR-2019-55 or IRS News Release IR-2019-24 (Farmers and Fishermen) to determine if you meet the criteria for a waiver of this penalty for your 2018 taxes.
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