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New Member
posted Apr 4, 2025 7:21:31 PM

How to calculate if underpayment penalty is applicable for me or not?

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1 Replies
Level 15
Apr 4, 2025 11:37:54 PM

Turbotax should do it automatically if you used Turbotax in 2023 and transferred the data from the 2023 return

 

 

generally no penalties if' taxes withheld and paid on estimate 1)  = 90% of 2024 tax or 2) 

they equal 100% of 2023 tax (110% if your 2023 AGI was over $150,000) or 3) your balance due after timely payments is $1000 or less