taxhelga
Level 2
03-27-2019
12:38 PM
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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.
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Marc-TaxMan
Level 8
03-28-2019
11:16 AM
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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.
Employee
03-28-2019
12:09 PM
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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
taxhelga
Level 2
03-28-2019
02:06 PM
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Thanks for the confirmation.
Helga
taxhelga
Level 2
03-28-2019
02:08 PM
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Thanks