I read questions/answers posted here and noticed people asked for 85% waiver for Federal tax underpayment penalty. Is it a specific reason for 85% waiver? I know IRS released a note in Jan 2018 that they will waive the penalties if tax payer has paid 85% tax liability in 2018, but it is not related to 85% waiver.
Thanks.
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You have it right that the IRS will grant a waiver if 85% is paid (normally 90%) and that's due to the many changes in the tax code from the TCJA and the Budget Act of 2018. The IRS recognizes that people may have a hard time accurately estimating their taxes for 2018 so they're giving us a little break this year.
You have it right that the IRS will grant a waiver if 85% is paid (normally 90%) and that's due to the many changes in the tax code from the TCJA and the Budget Act of 2018. The IRS recognizes that people may have a hard time accurately estimating their taxes for 2018 so they're giving us a little break this year.
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