Why do i have an underpayment penalty if this is the first year i have to pay taxes?

posted

The IRS requires you to make payments the quarter the income is earned. If you fail to make proper payments and owe more than $1,000, you owe penalties. In the future, be sure to make Payments each quarter as you earn income.

Reference: Form 1040-ES, Estimated Tax for Individuals

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Why is my 2024 return filing saying I should have form 2011 for last year??

in After you file

Expert does your taxes

Do it yourself

Resources

Support

Why do i have an underpayment penalty if this is the first year i have to pay taxes?

Why do i have an underpayment penalty if this is the first year i have to pay taxes?

Get more help

Do you have a TurboTax Online account?

Why do i have an underpayment penalty if this is the first year i have to pay taxes?

Do you have an Intuit account?

Why do i have an underpayment penalty if this is the first year i have to pay taxes?

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert