I took a look at my wife's W2 and realized that there was very little if anything taken out of her checks and so as I've started to work through Turbotax and input the information It's showing that I will be hit with the Underpayment Penalty. We are filling Married Filling jointly so I guess I have a couple questions: First should I just complete my taxes via Turbotax and wait for the IRS to send us a bill on underpayment penalty or is there a way to calculate that amount and secondly, would the penalty be on my portion of the income or just on my wife's portion because not enough taxes were taken out on hers?
FYI....This is approximately 10,000 in income, which I believe only 27 dollar of it got withheld from federal.
