Yes, the IRS will send you a notice regarding the underpayment penalty. regardless of the TurboTax underpayment calculation done by TurboTax.
- Also, yes, the IRS will apply your TurboTax calculated underpayment penalty.
- Once you get the IRS notice, you'll be able to inquire about the first time penalty abatement.
You may qualify for administrative relief from penalties for failing to file a tax return, pay on time, and/or to deposit taxes when due under the Service's First Time Penalty Abatement policy if the following are true:
- You didn’t previously have to file a return or you have no penalties for the 3 tax years prior to the tax year in which you received a penalty.
- You filed all currently required returns or filed an extension of time to file.
- You have paid, or arranged to pay, any tax due.
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