I have paid over 93% of my taxes due for this year however through TurboTax it indicates that I owe an underpayment penalty.

[glgohdes]

The taxes paid this year are a combination of taxes withheld and prepayments. The other criteria was for not paying 100% of the taxes due last year, which I did not, but this was an OR criteria so I'm thinking it doesn't apply and therefore having paid over 90% of this years tax due is sufficient.

[Mike9241]

under the 90% rule, withholding and timely estimated tax payments for each period must be 22.5% of your 2023 tax

for 1/1-3/31 22.5% of 2023 tax needed to be paid timely

for 1/1-5/31 45.0% of 2023 tax needed to be paid timely 

for 1/1-8/31 67.5% of 2023 tax needed to be paid timely

thru 1231 90% of 2023 tax needed to be paid timely

25% of withholding is deemed paid each period but you can use actual

estimates must be paid on or before the due date for that period's estimate to count for that period. 

so you could even have paid in 100% of the tax but if estimate payments weren't timely or withholding + timely estimates do not meet the % goal for that period there will be penalties 

[SharonD007]

You can get hit with an underpayment penalty in the situation you described because of the dates that you prepaid your estimated taxes or if you didn't pay 100% of your taxes for the prior year in withholding and estimated tax payments.

Review the IRS topic 306, Penalty for underpayment of estimated tax for additional information.  Also, review the TurboTax Help article Why am I getting an underpayment penalty?

@glgohdes