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Get your taxes done using TurboTax
I'm not sure exactly what happened, but these are the guidelines that would result in a penalty.
The underpayment penalty may apply if any of these apply:
- The amount of tax you paid during the tax year is less than 90% of the tax that you owed for the current year.
- The amount you paid during the tax year did not equal 100%, (110% for higher incomes) of your taxes owed the prior year.
- The IRS also says you can probably avoid the penalty if the amount you owe is less than $1,000, after subtracting withholding and refundable credits.
Please check your income tax form 1040.
- On the menu bar on the left that shows.
- My Info
- Federal
- State
- Review
- File
- Select Tax Tools
- On the drop-down select Tools
- On the popup menu
- Select View Tax Summary
- On the left sidebar
- Select Preview my 1040.
Line 37 - Tax owed.
Line 38 - Estimated Tax Penalty
If this does not completely answer your question, please contact us again and provide some additional details.
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‎February 26, 2023
5:46 AM