Chris Baker's adjusted gross income on her current year tax return was $160,000. The amount covered a 12-month period. For the next tax year, Baker may avoid the penalty for the underpayment of estimated tax if the timely estimated tax payments equal the required annual amount of:I. 90% of the tax on the return for the current year paid in four equal installments.II. 110% of prior year's tax liability paid in four equal installments.
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