You will not owe an under payment penalty if either of the following apply:
- 1. You owe less than $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- 2. Your withholding and credits tare at least 90% of the tax shown on your current year’s tax return, or 100% of the tax shown on your prior year’s tax return (110% if your income was more than $150K) . .
