Mickey,a calendar year taxpayer,filed a return correctly showing no income tax liability for 2007.During 2008,his AGI is $120,000 and his income tax liability was $20,000.To avoid a penalty for 2008,Mickey must make aggregate estimated tax payments of at least:

Question

Quizplus · Accepted Answer

By using the prior-year's tax liability exception ($0 in Mickey's case),no penalty for underpayment of estimated tax applies.The full $20,000 can be paid with the return.

Mickey,a Calendar Year Taxpayer,filed a Return Correctly Showing No Income