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Hokie360

Joined: 08/26/2006 Posts: 17911
Likes: 7206

What's this?

You're probably thinking of this (link)


Basically it says they've lowered the level for penalty from 90% to 85%.

"The IRS has advised that they will waive underpayment penalties (tax geeks will recognize these as section 6654 penalties) so long as withholding and estimated tax payments total at least 85% percent of the tax shown on the return for the 2018 taxable year."

To avoid getting bit by the underpayment penalty, I generally adjust my withholding every year to just match the prior years tax.

(In response to this post by FfxStationHokie)

Link: IRS Offers Some Penalty Relief For Taxpayers Who Didn't Withhold Enough In 2018


Posted: 02/04/2019 at 09:24AM


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Current Thread:
 
  Tax penalties waived this year? -- FfxStationHokie 02/04/2019 08:11AM
  BigDave is correct, request a waiver on Form 2210 -- vawter85 02/04/2019 10:49AM
  You're probably thinking of this (link) -- Hokie360 02/04/2019 09:24AM
  I don't understand those sorts of tax penalties -- WestyHokie 02/04/2019 09:12AM
  Different penalty -- BigDave 02/04/2019 10:56AM
  I think the penalty is so the government avoids the hassle of trying to -- Hokie360 02/04/2019 09:26AM
  JMO but the changes were known a year ago so could/should be factored into -- 133743Hokie 02/04/2019 08:48AM
  That's what I was thinking -- MAHokie69 02/04/2019 10:06AM
  W-4 directions? ** -- 133743Hokie 02/04/2019 5:04PM
  Voters get money in their pocket before election, figure it out after. ** -- Hokie360 02/04/2019 10:10AM
  Maybe, please see Form 2210, which allows you to request a waiver (link) -- BigDave 02/04/2019 08:36AM
  I agree w/ your sentiment but the gov doesn't like to wait for their money -- `lag 02/04/2019 08:22AM

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