penalty?

See Form 2210, which walks you through it.

Phil Marti VITA/TCE Volunteer Clarksburg, MD

Is the total tax paid through withholding plus excess social security tax withheld at least 90% of the total tax? For example if you owe

100k and paid 90k through withholding and excess social security tax, there is no penalty.

How much tax did you pay last year and how much tax did you pay this year through withholding and excess social security tax, and are you a farmer or fisherman? If you paid 100k last year, are not a farmer, and if this year you have paid 110k through your W-2 and other 1099 forms, then there is no penalty either.

Do you also make estimated payments, and if so did you make equal estimated payments? That also complicates things.

Worst case, you'll have to file long form 2210 to reduce the penalty -- which will certainly reduce your income if most of your income came in the last quarter.

I hope you're working with a professional.

Found the info

Mel