Is there anyway to avoid estimated tax penalty?

[JulieR · Accepted solution]

Yes. The law allows the IRS to waive the penalty if:

1. You didn't make a required payment because of a casualty event, disaster, or other unusual circumstance and it would be inequitable to impose the penalty, or
2. You retired (after reaching age 62) or became disabled during the tax year or in the preceding tax year for which you should have made estimated payments, and the underpayment was due to reasonable cause and not willful 

https://www.irs.gov/taxtopics/tc306

To request a penalty waiver, use the instructions in the following TurboTax FAQ.