Question: Jeremy ( single ) has a 2 0 2 4 tax liability of $ 9 5 2 . His AGI does not exceed $ 7

Jeremy (single) has a 2024 tax liability of $952. His AGI does not exceed $75,000. His 2023 tax liability was $811. Does he owe an estimated tax payment penalty for 2024? Why or why not?
No. Jeremy does not owe a penalty because his 2024 tax liability is less than $1,000.
No. Jeremy does not owe a penalty because his 2023 tax liability was under $1,000.
Yes. Jeremy owes a penalty because his 2024 tax liability was greater than his 2023 tax liability.
Yes. Jeremy owes a penalty because he owes under $1,000.

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