Yes. There are a few reasons you will be able to be exempt from the penalty.
- you paid 90% of your tax liability for the year
- you paid 100% of your tax liability of 2023
- In 2023 or 2024, you retired after reaching age 62 or became disabled, and your underpayment was due to reasonable cause (and not willful neglect);
- The underpayment was due to a casualty, disaster, or other unusual circumstance, and it would be inequitable to impose the penalty. For federally declared disaster areas, see Federally declared disaster, later.
In the Other tax situations sections of TurboTax, you will see underpayment penalties. This form will allow you to possible avoid the underpayment penalty if you qualify.
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