I received a Form 1099-MISC but didn't make a quarterly estimated taxes payment during the year. Will I owe an underpayment penalty?
Maybe. You might owe an underpayment penalty for tax underpaid if:
- Your total tax for the current year minus withholding and credits is more than $1,000.
- Your tax withholdings and credits are less than:
- 90% of your current tax liability
- 100% of your prior-year tax liability
- 110% of your prior-year tax liability if your adjusted gross income (AGI) last year was more than $150,000 or $75,000 if you and your spouse file separately.
You'll figure your penalty on Form 2210.
Ready to file?
You've got your forms. And we've got your back. There's only one thing left to do. Let's do this.
So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.