Question

Why am I required to pay an Underpayment penalty when I am not self-employed?

Forum|Forum|6 years ago
April 12, 2020
1 reply
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I do not have a 1099-MISC and have not entered any information contained on this form. I have submitted my W2 data, which is all the employed tax info I have.

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Employee

An underpayment penalty is not related to whether you are self employed or not.

Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding and estimated tax of at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller.