I paid the balance due calculated by Turbotax on my 2018 federal tax return before 4/15/19. I just received an amount due notice from the IRS stating that I under paid and owe penalties and interest on that amount.
One thing I noticed - how is Schedule 5 Line 66 calculated? The number on that line is more than the estimated taxes that I sent to the IRS for 2018. The difference between the number on Line 66 and the amount of estimated taxes I sent to the IRS equals the amount that the IRS states I underpaid.
I used Turbotax 2018 Home & Business for Mac.
Can you figure it out? Like did you enter one payment twice? Is it the amount of your 2017 refund? Since you seem to have the Desktop program open it up and look around. Maybe you typed one amount wrong. But first save or duplicate your return with another name do you don't mess it up.
What were your 4 payments and what showed up on line 66?
OK thank you - I looked at the form - the only thing I can determine may have happened is that the prompt mentioned 2017 and that I added the 2017 amount to the payments I made in 2018. Just doublechecking - does Turbotax do any calculation on Schedule 5 or is it only a number input by the user?
Well it adds up the individual estimated payments you entered on each date. Did you enter or say you applied your 2017 refund? It may have asked you if you got a refund last year. Is the difference your 2017 refund?
Or you think you entered a 2017 estimate payment? Like maybe you paid the 2017 4th quarter estimated payment in Jan 2018? You weren't suppose to enter that.