You'll have to pay an underpayment penalty for 2022 if you owe $1,000 or more in taxes (after withholding) and:
- Your taxes withheld don't cover at least 90% of what you owe for 2022, or
- Your taxes withheld aren't at least 100% of what you owed for your 2021 taxes, if your adjusted gross income (AGI) is up to $150,000, or
- Your withholding is 110% if your AGI is more than $150,000. (The AGI amount is $75,000 if you're married filing separately.)
To revisit the penalty section:
- Open your return.
- Go to Other tax situations
- Scroll to Additional Tax Payments.
- Select Underpayment penalties.