It is possible to have an underpayment penalty and also receive a Federal refund.
The penalty is computed on IRS form 2210 and can be computed by the regular method or the short method. If you have access to the forms, you can review the computation.
Follow these directions to access the interview questions:
- Down the left side of the screen, click on Federal.
- Across the top of the screen, click on Other Tax Situations.
- Under Your uncommon tax situations, scroll down to Additional Tax Payments.
- Click Start/Revisit to the right of Underpayment Penalties.
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