I just did a preliminary tax analysis for 2019 and came to the conclusion that I did not withhold enough in my wages and will trigger an underpayment penalty. Will TurboTax help me do the quarterly payment for the 4th quarter which I believe is due on Jan 15, 2020? This would be to minimize the penalty that I will likely owe.
Also, I keep reading that the IRS will calculate the penalty for you, but if there is an interest rate compounding daily and the IRS takes several more weeks/months to send me the penalty amount, that does not seem like a good situation to wait for. If I understand it correctly, the interest for Q1-Q3 has already started and the penalty continues to grow until the penalty is paid in full. Do I understand this correctly? Wouldn't it make sense to pay Q4 amount now PLUS some amount that will stop the interest from compounding?
Thanks in advance.
