On my line 38 of my 1040, "Estimated Tax Penalty", it says $250. A few weeks later, a letter from the IRS said I owed $117 additional.
Sure seems to me that "Estimated Tax Penalty" means there was a penalty accessed for not paying enough estimated tax. But in any event, why didn't TurboTax determine I should have paid $367 rather than $250?
Also the formula on line 37 says the amount there is equal to amount on line 24 - amount on line 33. However TurboTax used the formula for line 37 to be: amount on line 24 - amount on line 33 + amount on line 38.
??
