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annrandazza
February 23, 2025
Question

POSSIBLE PENALTY EXCEPTION. I FILED IN 2023 SO WHY IS IT ASKING ME THESE QUESTIONS? DO I ANSWER YES TO ALL? I CAN ANSWER YES TO 2 OUT OF 3 QUESTIONS

  • February 23, 2025
  • 1 reply
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WHAT CAN I ANSWER ON POSSIBLE PENALTY EXCEPTION.

    1 reply

    D
    DavidD66
    February 24, 2025

    It sounds like you may have an underpayment of estimated tax penalty.  If you don't pay, either by payroll deduction or estimated tax, enough tax throughout the year you may have to pay a penalty for underpayment of estimated tax.  For additional information, see the following IRS Topic:  Topic no. 306, Penalty for underpayment of estimated tax

     

    As for how you answer questions to determine if you have a penalty, you only answer yes to questions when that is an accurate answer.  

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