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UNDERPAYMENT OF ESTIMATED INCOME TAX BY INDIVIDUALS

Do I have to submit/pay UNDERPAYMENT OF ESTIMATED INCOME TAX BY INDIVIDUALS with Maryland 2017 taxes if my 2018 work situation has changed and my new job should have enough MD taxes taken out?

 

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TurboTax Specialist

UNDERPAYMENT OF ESTIMATED INCOME TAX BY INDIVIDUALS

Yes, if you did not have enough tax paid in during the tax year then you need to pay the underpayment.  It's ultimately the taxpayer's responsibility to make sure enough is withheld from wages for taxes.  Maryland's Comptroller's Office website says there are two exceptions to avoid paying interest on the underpayment: 

 

  1. The tax liability on gross income after deducting Maryland withholding is $500 or less, or
  2. You have made four quarterly payments as required, each equal to or more than one-fourth of 110% of last year’s taxes.