Not true ... you may be able to escape a penalty the first year if ...
- 1. You owe less than $1,000 in tax for the current tax year on your return, after
subtracting your withholding and credits.
- 2. And the withholding and credits on the 2017 return are more than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year
tax return must cover all 12 months.)
