If I owe federal taxes more than 10% of what I should pay, do I have to pay interests as well when I file?

Answer 1

If you have underpaid your tax liability you MAY have to pay penalties and interest for underwithholding or underpayment of estimated taxes. However if any of the following situations apply there will be no penalty or interest assessed.

1. You owe less than $1,000 total with your return.

2. You paid in at least 90% of your total tax liability for the year, regardless of how much you owe.

3. You paid in at least as much as LAST YEAR'S tax liability -- the "total tax" line on last year's tax return, regardless of how much you owe.