Do I owe an underpayment penalty?
Do I owe an underpayment penalty?
In general, you may owe a penalty if the total of your withholding and estimated tax payments did not equal at least the smaller of: 90% of your current year tax, or 100% of your prior year tax. (Your prior year tax return must cover a 12-month period.) The IRS will figure this amount for you automatically if it is due and contact you thru the U.S. mail.
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