If you paid at least 80% of last year's tax liability and you paid a penalty, the taxman is about to send you some relief. The IRS will automatically waive a tax underpayment penalty for a handful of 2018 filers.
Normally, you must pay at least 90% of what you owe for a given tax year before filing to avoid an underpayment penalty from the IRS.
This spring, the IRS reduced that penalty threshold to help taxpayers who fell just short of meeting their 2018 liability. Those who paid at least 80% of their 2018 tax liability are now eligible for an automatic waiver of the penalty.If you faced a surprise penalty for coming up short on your 2018 taxes, the IRS might be giving you some relief.
On Wednesday, the IRS said it would automatically waive the tax underpayment penalty for more than 400,000 taxpayers who have already submitted their 2018 federal income tax return and failed to claim a special penalty waiver this spring.Normally, you must pay at least 90% of the income taxes you owe for a given year, or 100% of the tax liability from the prior year before you actually file, to avoid an underpayment penalty on your tax return.
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