ANH11
New Member

Why wasn't my estimated tax penalty calculated?

I received a CP14 for underpayment + interest. I filed my extension on time, and made a large estimated tax payment. Early Oct. when I finished inputting all my numbers, I still owed another 24% of my total taxes, so I filed & paid the remaining 24%. Since TT knew I filed the extension, then told me I still owed another 24%, why did it not include an estimated penalty on the outstanding 24% I had to pay?  I would have loved to pay that last month vs now.  I even remember TT asking, when you do you expect to pay the outstanding balance and I would put the same day down, but hello, that 24% is already 5 months late...