If the amount of the underpayment is more than $1,000, you can avoid penalties if you’ve paid at least 90% of the tax liability for the year or 100% of 2019’s tax liability (110% if your adjusted gross income in 2019 was over $150,000, or $75,000 if married filing separately). In 2019, the IRS lowered the 90% threshold to 80%, for 2018 estimates that fell short due to confusion about new income tax withholding rules, but there is no similar reduction for 2020 taxes (nor was there a reduction for 2019 taxes).
An arrangement under which one person transfers legal ownership of assets to another person or corporation (the trustee) for the benefit of one or more third persons (beneficiaries).