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Deductions & credits
@Carl wrote:Don't worry if you overpay your tax liability. At tax filing time any over payment will be refunded to you on your 2022 tax return.
I would worry because any overpayment is essentially an interest-free loan to the IRS.
Here is how to avoid an underpayment penalty:
Avoid a Penalty
To avoid a penalty, pay your correct estimated taxes on time.
You may avoid the Underpayment of Estimated Tax by Individuals Penalty if:
- Your filed tax return shows you owe less than $1,000 or
- You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less.
‎April 22, 2022
8:30 AM
888 Views