Never mind thank you

l5482 — Tue, 24 Feb 2026 04:16:20 GMT

Re: Why tax penalty on my return when filing now and on time??

ShirlynW — Tue, 18 Apr 2023 23:40:52 GMT

The IRS has a "pay as you go" system, which means you're supposed to pay taxes throughout the year as you earn or receive income, rather than sending a big lump sum to the IRS at the end of the year. If you owe more than $1,000 when you calculate your taxes, you could be subject to a penalty.

Ways to avoid an underpayment penalty:

Pay at least 90% of the tax you owe for the current,
Pay 100% of the tax you owed from the previous tax year,
Owe less than $1000 in tax after subtracting the amount withheld and credits.

topic Never mind thank you in Get your taxes done using TurboTax

Never mind thank you

Re: Why tax penalty on my return when filing now and on time??