Double check your entries, including the dates you entered for your estimated tax payments. 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 may still get an underpayment penalty.
Example from this TurboTax FAQ: Taylor is self-employed and estimated next year's tax bill at $20,000. Rather than making 4 quarterly payments of $5,000 each, they chose to pay $500 in each of the first 3 quarters, and the remaining $18,500 in the fourth quarter. When they filed, their actual tax bill came to $17,270 and they got a $2,730 refund. However, Taylor got hit with the underpayment penalty, because they underpaid their estimated tax in the first 3 quarters. More on Underpayment Penalties; Topic 306.
To possibly reduce or eliminate your underpayment penalty, search for penalty and use the Jump to penalty link and go through the interview.
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