"The "safe harbor" exception protects you from estimated tax penalty if you meet one of the following two conditions:
- 90% of current year's tax: If you have paid at least 90% of the total tax you will owe for the current tax year.
- 100% of the previous year's tax: If you have paid 100% of the tax shown on your previous year's return (110% if your Adjusted Gross Income was more than $150,000 ($75,000 if married and filing separately))"
To make sure I'm understanding this. If our 2024 taxes show a refund due to us, that qualifies as a "safe harbor" exception for 2025 tax filing? We haven't had taxes due on our return in over 10 years.
