In TY 2014, I received a refund of $650 since I had too much withheld during the year. In TY 2015, if I owe $6500 for the year and must submit it with my return, will there be a tax penalty imposed?
tks all
w
Underpayment of Taxes Penalty
Mar 21, 2016
2 Replies
w
It depends on whether you meet any of the safe harbor provisions.
Fill out Form 2210 when you're doing your taxes and it will tell you if you owe a penalty and how much.
This really isn't enough information to give an answer. You can get an overview of this at
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Also, if you use tax software to prepare your return, then it will usually have an option to calculate any penalties. Or you can just wait for a bill.
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