The federal tax system is a pay as you go system. As you make money, you have to pay taxes on that money. You may have an underpayment penalty if you didn't have enough taxes withheld from your income throughout the year.
You can get hit with an underpayment penalty in the situation you described because you didn't pay the estimated quarterly taxes when they were due.
You can contact the IRS to request a one-time abatement of your underpayment penalty. For individual tax returns, call 1-800-829-1040, 7 AM - 7 PM Monday through Friday local time.
For more information, refer to the TurboTax help article Guide to IRS Tax Penalties: How to Avoid or Reduce Them.
Review IRS topic 306, Penalty for underpayment of estimated tax for additional information. Also, review the TurboTax Help article Why am I getting an underpayment penalty?
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