In TurboTax "Forms View", Form 1040, line 37 states "Subtract line 33 from line 24. This is the amount you owe".
However that does not seem to be correct. Line 37 also includes the "Estimated Tax Penalty" on line 38.
I just received a notice from the IRS stating I still owed $117. It seems that the "estimated" amount on line 38, $250 in my case, did not fully satisfy my under payment penalty. Perhaps the $117 does not include an additional penalty. Rather it is just a correction to the original estimated amount of $250.
I want to be sure that an underpayment of the "Estimated Tax Penalty" does not result in an additional penalty. If it does, I'd be inclined to overpay the estimated amount to begin with. Perhaps doing so would require an "Override" in TurboTax.
Can anyone confirm or correct any or all of the above?
Thanks!
