Estimated Tax Payments

It will if you have recently retired.  From the IRS:  We understand that circumstances—such as a serious illness or injury, a family member's death, or similar circumstance beyond your control—may make it difficult for you to meet your estimated tax payment obligation in a timely manner. While the penalty for underpayment of estimated tax generally cannot be waived for any such reason, we may reduce a penalty if any of the following apply:

• You or your spouse (if you file a joint return) retired in the past 2 years after reaching age 62 or became disabled and you had reasonable cause to underpay or pay your estimated tax late.  See Waiver of Penalty in Instructions for Form 2210PDF.
• You had most of your income tax withheld early in the year instead of spreading it equally through the year. Complete Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and TrustsPDF.
• Your income varies during the year. Complete Form 2210, Schedule AI, Annualized Income Installment Method PDF(found within the form).

The penalty for underpayment of estimated tax can also be removed to the extent that the underpayment is the result of a casualty, local disaster, or other unusual circumstance such that it would not be fair to impose the penalty.

• If you think you qualify for a waiver of the penalty under any provision explained above, please send your written explanation, signed under penalty of perjury, to us at the address at the top of this notice.