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Level 2

Question

Does e-file also help me pay the underpayment penalty or I have to wait for IRS to inform me?

Forum|Forum|6 years ago
July 15, 2020
3 replies
26 views

turbo already calculated my underpayment penalty but it seems not to include it in my due.

TurboTax Premier Online

Alumni - Intuit

The underpayment penalty (charged if you don't pay enough in estimated taxes throughout the year) should be accounted for in your tax due amount; if you're getting a refund, it will also be reflected in the refund (which will be less than if you didn't have the underpayment penalty). You can efile with an underpayment penalty, it's simply part of your overall tax due/refund amount.

The late-payment, late-filing, and interest penalties are handled by the IRS, but that wouldn't apply to this situation.

Level 2

I see, thanks. I have a payment due and the penalty should be added into it, correct?

Alumni - Intuit

That is correct, it's not separate.