Quote:
Originally Posted by batman911
There is no penalty if you have already paid or withheld 90% if what you owe. Otherwise, there will be a penalty even with the extension.
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To add some additional info to what batman offered, there are some other parameters around the penalty/no penalty as well for 2012:
- The total of your withholding and estimated tax payments was at least as much as your 2011 tax (or 110% of your 2011 tax if your AGI was more than $150,000, $75,000 if your 2012 filing status is married filing separately) and you paid all required estimated tax payments on time.
- The tax balance due on your 2012 return is no more than 10% of your total 2012 tax, and you paid all required estimated tax payments on time. (This is the one batman references)
- Your total 2012 tax minus your withholding and refundable credits is less than $1,000.
- You did not have a tax liability for 2011 and your 2011 tax year was 12 months.
- You did not have any withholding taxes and your current year tax less any household employment taxes is less than $1,000.
(From
Publication 17 (2012), Your Federal Income Tax )
Bill
