Good Morning!
I have posted several questions, but the system has yet to notify me via email as it typically does when it receives and responds to a post.
Why am I being penalized on Form 502UP for $44.00, and did I not fail to file a tax return? I did not have the problem last year.
Respectfully,
BAdams
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MARYLAND Form 502UP Underpayment of Estimated Income Tax by Individuals is generated when you do not have enough withholding or estimated tax in the year.
To avoid an underpayment penalty, you need to make sure either that the total amount of estimated taxes you pay during the year equals at least 90 percent of what you owe in taxes for the current year or 100 percent of what you owed in taxes last year.
To confirm your tax due to a particular state, you can view a Tax Summary by clicking on Tax Tools, on the left menu
The example below is for Virginia but all of the states have the same format.
MARYLAND Form 502UP Underpayment of Estimated Income Tax by Individuals is generated when you do not have enough withholding or estimated tax in the year.
To avoid an underpayment penalty, you need to make sure either that the total amount of estimated taxes you pay during the year equals at least 90 percent of what you owe in taxes for the current year or 100 percent of what you owed in taxes last year.
To confirm your tax due to a particular state, you can view a Tax Summary by clicking on Tax Tools, on the left menu
The example below is for Virginia but all of the states have the same format.
Thank you so much!
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