The National Directory of Certified Public Accountants

Ask A CPA - Late Filing

Exception To The Underestimated Tax Penalty For The Current Year

Taxpayers with AGI under $150,000 (75,000 MFS) will have to pay 100% of their prior tax bill by the end of the year, Taxpayers with AGI over $150,000 (75,000 MFS) will have to pay 110% of their prior tax bill by the end of the year or 90% of the current year tax to avoid an underestimated tax penalty.

If you need professional help with "Late Filing" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.