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It depends. The underpayment penalty generally only applies when you owe more than $1,000 in federal tax on your tax return. Per the IRS, most taxpayers will avoid this penalty if they either:
The penalty may be waived if:
To review your underpayment, please follow the instructions below:
Lastly, you can elect to have the IRS calculate the penalty for you by following the instructions above.
Topic No. 306 Penalty for Underpayment of Estimated Tax
If you did not make four sufficiently large quarterly payments, that could be your problem.
Any penalty over $75 I'd consider high.
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