Under Payment Penalty

[stixoffire2]

1: Why did TurboTax not ask about about how to process this BEFORE filing my return?
2: I have a side gig - that had zero in expense this year and zero in income this year . My main source of income is my W2 Job .  I can't be expected to make Quarterly Tax Payments on Zero in income from the side gig ..
3: I filled out my W4 per the IRS instructions on the form; except where I stated to withhold extra each check, so whose fault is it that the proper taxes are not being taken out ; why am I being charged for their error?
4: Again TurboTax should have alerted me and it should have gave me the option to let the IRS calculate.

[LindaS5247]

The TurboTax step-by-step will guide you through the underpayment penalty section.

You can use the TurboTax W-4 Withholding Calculator to help you find the right withholding when completing a new W-4. You can use this info to boost your refund or increase your take-home pay.)

The IRS will not charge you an underpayment penalty if the following is met:

• You pay at least 90% of the tax you owe for the current year, or 100% of the tax you owe for the previous tax year, or
• You owe less than $1,000 in tax after subtracting withholdings and credits

For high-income taxpayers, the rule is slightly different. If the Adjusted Gross Income on your previous year’s return is over $150,000 (over $75,000 if you are married filing separately), you must pay the lower of 90% of the tax shown on the current year’s return or 110% of the tax shown on the return for the previous year.

Your state will also have their own estimated tax payment rules that may differ from the federal rules.

Click here for Estimated Taxes: How to Determine What to Pay and When

Click here for Underpayment of estimated tax by individuals penalty