I filed extension for Federal and State of Michigan for 2024. I paid taxes that I thought I owed to Federal but based on my calculation I was supposed to receive refund from MI so I did not pay MI. H...
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I filed extension for Federal and State of Michigan for 2024. I paid taxes that I thought I owed to Federal but based on my calculation I was supposed to receive refund from MI so I did not pay MI. However, I am now trying to file State of Michigan return and turned out that I owed MI $194. However, I met the all of the following below; (source: https://www.michigan.gov/taxes/questions/iit/accordion/estimate/why-am-i-being-charged-penalty-and-interest-for-underpayment-of-estimated-income-tax-1#:~:text=Penalty%20is%2025%25%20for%20failing,1%25%20above%20the%20prime%20rate.&text=(MI%2D2210)-,Why%20am%20I%20being%20charged%20penalty%20and,underpayment%20of%20estimated%20income%20tax%3F) I paid 90% of your current year's tax liability 100% of the previous year's tax liability 110% of your previous year's tax liability if your previous year's adjusted gross income is more than $150,000 ($75,000 for married filing separately) Since I paid enough taxes to meet all of the above, does it mean that I won't owe any penalty even if I owe MI $194 for 2024 tax and paying past April 15, 2024? Please clarify. Thank you.