Exceptions
(1) Where tax is small amount
(1)Where tax is small amount#
No addition to tax shall be imposed under subsection (a) for any taxable year if the tax shown on the return for such taxable year (or, if no return is filed, the tax), reduced by the credit allowable under section 31, is less than $1,000.
(2)Where no tax liability for preceding taxable year#
No addition to tax shall be imposed under subsection (a) for any taxable year if—
(A) the preceding taxable year was a taxable year of 12 months,
(B) the individual did not have any liability for tax for the preceding taxable year, and
(C) the individual was a citizen or resident of the United States throughout the preceding taxable year.
(2)(A)#
the preceding taxable year was a taxable year of 12 months,
(2)(B)#
the individual did not have any liability for tax for the preceding taxable year, and
(2)(C)#
the individual was a citizen or resident of the United States throughout the preceding taxable year.
(3)Waiver in certain cases#
(A) In general No addition to tax shall be imposed under subsection (a) with respect to any underpayment to the extent the Secretary determines that by reason of casualty, disaster, or other unusual circumstances the imposition of such addition to tax would be against equity and good conscience.
(B) Newly retired or disabled individuals No addition to tax shall be imposed under subsection (a) with respect to any underpayment if the Secretary determines that— (i) the taxpayer— (I) retired after having attained age 62, or (II) became disabled, in the taxable year for which estimated payments were required to be made or in the taxable year preceding such taxable year, and (ii) such underpayment was due to reasonable cause and not to willful neglect.
(3)(A)In general#
No addition to tax shall be imposed under subsection (a) with respect to any underpayment to the extent the Secretary determines that by reason of casualty, disaster, or other unusual circumstances the imposition of such addition to tax would be against equity and good conscience.
(3)(B)Newly retired or disabled individuals#
No addition to tax shall be imposed under subsection (a) with respect to any underpayment if the Secretary determines that—
(i) the taxpayer— (I) retired after having attained age 62, or (II) became disabled,
in the taxable year for which estimated payments were required to be made or in the taxable year preceding such taxable year, and
(ii) such underpayment was due to reasonable cause and not to willful neglect.