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Underpayment penalty if I owe 500,000 in taxes now but I prepaid over 110% of prior year's tax earlier
My 2023 FED tax totalled 60,000. Early in 2024 I prepaid estimated tax in the amount 70,000. But I now calculate a total of 500,000 in FED tax for 2024. Will I have an underpayment penalty even though I prepaid more than 110% of prior year's tax, and paid the remaining 430,000 before April 15 this year?
March 20, 2025
9:12 AM