topic Re: Underpayment Penalty in After you file

Underpayment Penalty

ankur11 — Sun, 19 Jan 2025 03:44:29 GMT

I am a dual status tax payer this year. I realize now that the standard deduction is not available to dual status tax payers and my employer didn't withhold enough so I owe basically 2500$ of Federal taxes. Should i just pay this now or how should i proceed?

Re: Underpayment Penalty

xmasbaby0 — Sun, 19 Jan 2025 05:21:21 GMT

If you owe federal or state tax it must be paid by April 15, 2025.

If you have federal tax due you can pay by mailing your payment with the 1040V voucher, (which has the address printed on it, having the payment taken out of a designated bank account, or you can pay directly on the IRS website.

https://www.irs.gov/payments

https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/00/26212

https://ttlc.intuit.com/community/tax-payments/help/how-do-i-pay-my-irs-tax-due-with-a-check-or-money-order/00/26403

To apply for a payment plan with the IRS

Apply Online for a Payment Plan

You must pay your state tax due using the state’s preferred method of receiving payment. For most states that will be by making a payment to the state’s own tax website, or by mailing a check or money order.

https://ttlc.intuit.com/questions/1901670-how-do-i-contact-my-state-department-of-revenue

Re: Underpayment Penalty

ankur11 — Sun, 19 Jan 2025 05:27:29 GMT

Thank you for the reply, Do i need to pay the underpayment penalty? Is it automatically calculated while filing 1040

Re: Underpayment Penalty

xmasbaby0 — Sun, 19 Jan 2025 05:30:29 GMT

The total amount you need to pay for federal tax is shown on line 37 of your Form 1040.