If you didn’t pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax.
Generally, most taxpayers will avoid this penalty if
- they owe less than $1,000 in tax after subtracting their withholdings and credits, or
- if they paid at least 90% of the tax for the current year, or
- 100% of the tax shown on the return for the prior year, whichever is smaller.
If this is the first time you've had a penalty, The IRS may waive it. I suggest you contact your local IRS office and see if they can help. To find a Local Office: Local IRS Offices
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