Re:IRS tests free e-filing system that could compete with ta...
by alistairSH on Monday May 15, 2023 @04:51PM
(#35954321)
Generally, you're exempt from IRS penalty if you do either of:
- pay >90% of owed amounts via estimated taxes or withholdings
- pay >=100% of your previous year's earnings
If you're underpaying by more than that, there's a high chance you're doing so on purpose. Or made a fairly egregious error (in which case, the penalty was probably assessed later upon audit).
And if you overpay, you get a refund, not nothing.
- pay >=100% of your previous year's earnings
If you're underpaying by more than that, there's a high chance you're doing so on purpose. Or made a fairly egregious error (in which case, the penalty was probably assessed later upon audit).
And if you overpay, you get a refund, not nothing.