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taxhelga
taxhelga
Level 2
March 27, 2019

Underpayment of taxes withholding and estimated paid

  • March 27, 2019
  • 2 replies
  • 16 views

Does anyone know whether or not the underpayment penalty is still 85% of last year's tax due or has it dropped to 80%. Someone told me it had.

This topic has been closed for replies.

2 replies

M
Marc-TaxMan
Level 7
March 28, 2019

I am PS Pro:  I cannot open article.  But on closer study it is based on 80% of current tax, not 80% of 2017 tax.  

    Kathi_at_Intuit
    Kathi_at_IntuitModerator
    Moderator
    March 28, 2019

    Great to see you in the community. When I first looked at your post, I thought it was for Lacerte, I see that it is ProSeries Professional. Please see this post from the IRS:

    IRS expands penalty waiver for those whose tax withholding and estimated tax payments fell short in 2018; key threshold lowered to 80 percent

    https://www.irs.gov/newsroom/irs-expands-penalty-waiver-for-those-whose-tax-withholding-and-estimated-tax-payments-fell-short-in-2018-key-threshold-lowered-to-80-percent

    **Click the 👍Thumbs up icon to say thanks on a post, and click Best Answer to mark the post that answered your question.**
      taxhelga
      taxhelgaAuthor
      Level 2
      March 28, 2019

      Thanks for the confirmation.

      Helga

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