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If you owe taxes in excess of $1,000 at the time you file your return you can be penalized. The law requires that, either through withholdings or estimated payments or a combination of the two your final tax obligation be less than $1,000. There are a few exceptions to this. You can review the rules specifically applicable here at www.irs.gov Read the instructions for the underpayment of estimated taxes to see if any of the exceptions may apply to you.