Penalty if owed more that $2000 at end of year

The IRS can assess a penalty if you owe more than $1000. 

Possibly, but it depends on your specific situation. If you meet one of the following exceptions you would not have a penalty for owing at the end of the year. 

• If you owed no taxes last year
• You paid 90% of the taxes you owed for the year
• You paid 100% of the taxes you owed last year. 

These are the rules for the federal return.  State rules will vary.