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Question

TurboTax calculated that I owe a tax penalty. I believe this incorrect. How do I get this corrected?

Forum|Forum|1 year ago
April 10, 2025
1 reply
0 views

I paid more estimated tax for 2024 than I did for 2023. So, why is there a tax penalty?

You may avoid the Underpayment of Estimated Tax by Individuals Penalty if:

Your filed tax return shows you owe less than $1,000 or
You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less. If your adjusted gross income (AGI) for 2023 was more than $150,000 ($75,000 if your filing status for 2024 is married filing separately), substitute 110% for 100%.