Fed Penalty withholding only?

[ash49]

Is Fed tax return Penalty determined only by paycheck tax withholding, ignoring Estimated Tax payments although having a net refund?

[Bsch4477]

The penalty is related to what you owe after subtracting tax withheld and estimated payments made well as any credits. 

[ash49]

My wife works and I am a retiree with RMD and Soc Sec Income. We also have investment income. For 2023 tax year, we had both withholding and quarterly Estimated Tax payments with the result that we had a net fed tax refund.  However, Turbotax said we owed a fed Tax penalty because we did not have enough withholding!  Why is penalty determination done on the basis of Withholding ONLY and not also taking into account Estimated tax payments?

[KimberW]

This follow-up question has been answered in your subsequent post:

Underpayment Penalty based only on withholding?