Question

I am being charged a penalty for estimated taxes, but I am paying my full balance of what I owe Has anyone else had this problem?

I am filing an individual retutn

the penalty is for not having enough withheld or paid in on timely estimates.

the total of these needed to be 90% of 2020 tax or 100% of 2019 tax (110% if your AGI was over $150K in 2019)

withholding is assumed equal for each quarter

timely federal estimates were due as follows: 50% 7/15/2020, 25% 9/15/2020 and 1/15/2021

7q2Author

Hi Mike,

Thanks for your reply

1 reply