Why am I getting underpayment penalty if I paid irs payment last year?

[hyojshim]

I’ve already paid irs with a check last year. I’m fined with underpayment penalty filing tax this time. Why am I getting charged? Where can I ask this question

[KeshaH]

Even when you make estimated payments to the IRS, you could still get the underpayment penalty if 1) you don't pay enough of your tax liability during the year or 2) your payments weren't made on time.

To avoid the penalty you generally need to pay the smaller of:

- 90% of your 2024 tax liability or 

- 100% of your 2023 tax liability (110% if your income is $150,000)

You also need to make sure your payments are made by the quarterly due dates. Even if you pay 100% of your current liability, you could get the underpayment penalty if you don't pay on time.

The due dates are:

- April 15 for Q1

- June 15 for Q2

- Sept 15 for Q3

- Jan 15 for Q4