Author Question: With respect to estimated tax payments for a taxpayer with AGI of $150,000 or lower in the prior ... (Read 59 times)

Chelseaamend · **on:** Sep 13, 2020

Question 1

If a taxpayer's AGI is greater than $150,000, no penalty will be imposed if the taxpayer pays estimated tax payments in 2016 equal to what percentage of 2015's income tax liability?
◦ 100%
◦ 90%
◦ 110%
◦ 120%

Question 2

With respect to estimated tax payments for a taxpayer with AGI of $150,000 or lower in the prior year, all of the following are generally true with the exception of
◦ no penalty is imposed if the estimated tax is less than $1,000.
◦ no penalty is imposed if the individual has no tax liability for the prior year.
◦ no underpayment penalty is imposed if the estimated payments total at least 90% of the tax due for the current year.
◦ no underpayment penalty is imposed if the estimated payments total at least 90% of the actual tax liability for the prior year.

31809pancho · **Reply #1 on:** Sep 13, 2020

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