Hi,
For 1040 returns, a substantial understatement penalty is assessed if you pay less than 10% of your tax liability required for your return or $5,000, whatever is higher.
Here is a link to the IRS withholding estimator to help you determine how much you may owe for a tax return: Tax Withholding Estimator
If income was unusually high in 2023 and you expect your income to be lower in 2024, you can adjust 2024 to make a lower payment in 2024.
