The calculation of the underpayment penalty is based on the dates the taxes were paid. The IRS levies underpayment penalties if you don't withhold or pay enough tax on income received during each quarter. Even if you paid your tax bill in full by the April deadline or are getting a refund, you could still get an underpayment penalty.
Record any additional payments you make in the Federal section under Deductions and Credits, in Additional Payments, which is under Estimated Tax Payments. Once you have entered all of your payments in the Federal section, then revisit the Form 2210/ underpayment penalty section if needed.
In TurboTax Online:
- Go to Deductions & Credits
- Select Estimated Tax Payments
- Click Start or Revisit next to Federal estimated taxes for 2024
- Scroll down to Additional Payments
- Enter the Date Paid and Amount Paid
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