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Do I owe an underpayment penalty?

Article ID: 59340 Email Print
Question
Do I owe an underpayment penalty?

Answer

In general, you may owe a penalty if the total of your withholding and estimated tax payments did not equal at least the smaller of:  90% of your current year tax, or 100% of your prior year tax. (Your prior year tax return must cover a 12-month period.)  The IRS will figure this amount for you automatically if it is due and contact you thru the U.S. mail.

 


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Views: 1374 Created on: Jun 15, 2013
Date updated: Dec 10, 2018

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