That penalty is not for late filing; it is for an underpayment of taxes - either you did not have enough taxes withheld from your pay or your estimated tax payments were not enough to cover your tax liability. You can be getting a refund and still be hit with an underpayment penalty. But that message is a warning, it does not mean you will be penalized. There are timing issues with your tax payments and you COULD be in a penalty situation. Why am I getting an underpayment penalty if I'm getting a refund?
Go through the penalty section and answer the questions. Depending on your tax bill last year, you may not owe a penalty this year. If your income fluctuated in 2024, you can opt to annualize your income.
Search for penalty, use the jump to link and go through the underpayment penalty interview questions.
TurboTax federal software does not take into account automatic extensions, so that is another reason, the message may not mean you will incur a penalty. You can tell TurboTax to let the IRS bill you, and the IRS will apply any extensions that TurboTax does not.
See Florida tax relief, and also IRS - Disaster Tax Relief some relief applies to entire states, other relief is specific counties, so the TurboTax federal program calculations do not include the extensions in those links.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
