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Get your taxes done using TurboTax
@fanfare wrote:@ mesquitebean
the words "estimated tax penalty" on Form 1040 do not mean your penalty is being estimated.
It means you underpayed Estimated Tax after withholding.
That's why I suggested it might be clearer to say "penalty for estimated tax". Or even clearer yet if the IRS just said "underpayment penalty" on Line 38.
‎April 24, 2025
3:39 PM