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April 5, 2025
Question

How to calculate if underpayment penalty is applicable for me or not?

  • April 5, 2025
  • 1 reply
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    1 reply

    April 5, 2025

    Turbotax should do it automatically if you used Turbotax in 2023 and transferred the data from the 2023 return

     

     

    generally no penalties if' taxes withheld and paid on estimate 1)  = 90% of 2024 tax or 2) 

    they equal 100% of 2023 tax (110% if your 2023 AGI was over $150,000) or 3) your balance due after timely payments is $1000 or less