You'll need to sign in or create an account to connect with an expert.
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.
I see, thanks. I have a payment due and the penalty should be added into it, correct?
That is correct, it's not separate.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
tf35sc
Level 1
riogrande
New Member
tgirl0527
New Member
cindytim00
New Member
amallorythomas-g
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.