Where do I find a way to determine if I am eligible for the 85% exception waiver for estimated underpayment of taxes for 2018?

dchawes2 — Tue, 04 Jun 2019 20:44:13 GMT

If you have been assessed an underpayment penalty, then y...

Coleen3 — Tue, 04 Jun 2019 20:44:14 GMT

If you have been assessed an underpayment penalty, then you can see if you may qualify for an exception to the penalty. You may want to look into these exceptions if this is the first year you owed tax and it is not a normal occurrence (i.e. you had one time income this year).

"Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and estimated tax payments, or if they paid at least 85% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller."

topic Where do I find a way to determine if I am eligible for the 85% exception waiver for estimated underpayment of taxes for 2018? in Get your taxes done using TurboTax

Where do I find a way to determine if I am eligible for the 85% exception waiver for estimated underpayment of taxes for 2018?

If you have been assessed an underpayment penalty, then y...