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Get your taxes done using TurboTax
@XL SC wrote:
I live in one of the California areas that qualify for an automatic extension but Turbo Tax calculated a penalty/interest on my tax return. Why is that? How can I get this money back I already filed my return.
The underpayment penalty reported on the IRS federal tax return Form 1040 Line 38 has nothing to do with the extension for California due to the federal declared disaster areas.
It is based on the federal tax payments you reported on the federal return for tax year 2022. If you did not have enough federal tax payments in 2022 then you were assessed an underpayment penalty.
See this IRS Tax Topic for underpayment penalties - https://www.irs.gov/taxtopics/tc306
‎October 8, 2023
4:53 PM