Taxpayer Penalty Protection Act of 2019

Taxpayer Penalty Protection Act of 2019 This bill reduces the amount of estimated income tax that certain taxpayers are required to pay for 2018. Presently, a penalty applies if taxpayers do not use either withholding or estimated tax payments to make a required annual payment before the end of the year. The required payment is the lesser of 90% of the tax for the taxable year or a specified percentage of the preceding year's tax. For 2018, the bill reduces the percentage of the preceding year's tax from 100% to 80%. For taxpayers with adjusted gross incomes for the preceding year that exceed $150,000, the bill reduces the percentage from 110% to 100%.