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:Â
- 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.
Can you can an exemption for early distribution from a 401k? Knowing the answer can make a big difference. Get tax answers from H&R Block.
How do you report an exception if you made an IRA withdrawal for education costs? Learn more and get tax answers at H&R Block.
Learn about Shared Responsibility Payment exemptions (Obamacare exemptions) for income tax tips from our expert tax articles at H&R Block.
What happens if you forgot to file taxes? Explore your options to find what's best for your situation. Get tax answers at H&R Block.