Penalty for Underpayment of Estimated Tax

A taxpayer generally will be subject to this penalty if the tax is $1,000 or more and the taxpayer did not prepay on a timely basis at least the smaller of (1) 90% of the current year tax, or (2) 100% of the prior year tax (110% if the prior year AGI was over $150,000 ($75,000 if married and filing a separate return)).

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If the other payments on that subsequent year's return do not satisfy the required estimated tax payments, the taxpayer will be subject to the penalty for underpayment of estimated tax.

Get the most out of overpayments applied to the following year's return

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