GalaxyBoy
Thinks s/he gets paid by the post
IRS announced that to avoid a penalty, the threshold for 2018 withholding will be 85% of taxes owed instead of the usual 90%. The other rules regarding withholding apparently still apply.
Press release here:
https://www.irs.gov/newsroom/irs-wa...and-estimated-tax-payments-fell-short-in-2018
Press release here:
https://www.irs.gov/newsroom/irs-wa...and-estimated-tax-payments-fell-short-in-2018
The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
...
For waiver purposes only, today’s relief lowers the 90 percent threshold to 85 percent. This means that a taxpayer will not owe a penalty if they paid at least 85 percent of their total 2018 tax liability.