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It depends, if you receive income unevenly during the year (e.g., from a one time IRA withdrawal, seasonal business, capital gain, severance pay or bonus) you may annualize your income to avoid paying the penalty. Search for "annualizing your tax" and use the Jump to link.
The Michigan Department of Treasury follows the Internal Revenue Service (IRS) guidelines for estimated tax requirements. Based on the IRS estimated income tax requirements, to avoid penalty and interest for underpaid estimates, your total tax paid through credits and withholding must be:
You might have to adjust your state withholdings or make estimated payments to Michigan to avoid having a penalty next year.
It depends, if you receive income unevenly during the year (e.g., from a one time IRA withdrawal, seasonal business, capital gain, severance pay or bonus) you may annualize your income to avoid paying the penalty. Search for "annualizing your tax" and use the Jump to link.
The Michigan Department of Treasury follows the Internal Revenue Service (IRS) guidelines for estimated tax requirements. Based on the IRS estimated income tax requirements, to avoid penalty and interest for underpaid estimates, your total tax paid through credits and withholding must be:
You might have to adjust your state withholdings or make estimated payments to Michigan to avoid having a penalty next year.
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