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Late Filing

Exception to the Underestimated Tax Penalty for the current year

Answer:

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.
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Answer Provided by: CPAdirectory

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