The penalty will be announced in the program but you may be entitled to an exception to the penalty. Go to:
- Federal>other tax situations
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Additional Tax Payments>underpayment penalties
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Continue through the section. You may be entitled to an exception if:
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Your 2020 tax liability was zero
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If your 2020 return covered a 12-month period
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if you were a US citizen or resident in 2020
If you answered no to any of these questions, there will be other questions that will determine if qualify for the waiver such as if you are disabled or if your underpayment was due to causality, disaster, or other unforeseen circumstance. Then at the end of this exhaustive interview, there will be a screen stating Let the IRS Bill Me Later. Here is where you have the option to make that choice.
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