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smoots5
April 3, 2025
Question

should there be an underpayment penalty if I have tax withholding more than 100% of 2023 tax payment?

  • April 3, 2025
  • 1 reply
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    1 reply

    V
    Vanessa A
    April 3, 2025

    It depends.  If your income is over $150,000 or $75,000 if married filing separately, then you need to pay 110%.


    If your income was less than that and you are showing a penalty, you can do the penalty waiver. 

     

    You will find this under 

    1. Other Tax Situations
    2. Additional Tax Payments
    3. Underpayment penalties 

    Also, when you get towards the end of the return, you should be asked by TurboTax if you want to apply for the penalty waiver.  

     

     

     

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