![]() ![]() Have no tax liability during the prior year, you are a U.S.You may qualify for an exception to the penalty if you: ![]() The good news is the IRS will not assess a penalty for underpayment of estimated tax if certain exceptions apply. When doesn’t the estimated tax penalty apply? The IRS does this to promote on-time and accurate estimated tax payments from taxpayers. Failure to pay proper estimated tax throughout the year might result in a penalty for underpayment of estimated tax. Underpayment of estimated tax occurs when you don’t pay enough tax during those quarterly estimated tax payments. What is the underpayment of estimated tax? Want to learn more about how you may be able to avoid this penalty? Check out our estimated tax safe harbor post. To understand what can trigger a penalty, lets cover the details.įor starters, adequately paying quarterly taxes by the dates below will help keep you from incurring the penalty for underpayment of estimated tax. ![]()
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