I accidentally elected that I don’t need federal income tax withheld from my W-2 paycheck. I’ve made payments this month via estimated taxes of 110% of 2021’s federal income tax liability. Will I still be penalized for not withholding consistently throughout the year for my W-2 income?

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If you ask payroll to withhold a one time payment from your paycheck then it would be as if you paid throughout the year and wouldn’t get penalized, but if you paid on your own through the IRS website then you will most likely get penalized.

likesmarthelpful

In theory you should be. Depending on how sketchy your accountant is there's a form to say you've earned the income over the last quarter and that's why your withholding/payments didn't match up.

likehelpfulfunny

I wasn't suggesting they should do it. I was just saying what some tax preparers might do. I used the word sketchy for a reason.

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You just noticed this in November? Did you just recently start your job?

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If you were going the safe harbor route, you would've needed to pay your taxes equally throughout the year. Since q3 payment was due sep 15, your payment would count for q4. Unless all your income was only for q4, you may be subject to the underpayment penalty. Best route would've been to ask your employer to adjust your withholding to have as much taken out as possible since the irs thinks of withholding as being paid equally throughout the year.

likehelpful

If you have contributed enough through an estimated payment to meet any safe harbor, you should be fine. How did you just figure out now that you had no tax withholding?

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