The penalty is calculated on Form 2210. Because Form 2210 is complicated, you can ignore line 38 and the IRS will figure the penalty and send you a bill. They won't charge you interest on the penalty if you pay by the date specified on the bill. And the form will not be ready in TurboTax until the end of the month (currently scheduled for 02/25), so if you want to not wait for the form, this is the option you would use so you can e-file now.
However, if you want a waiver of the penalty, want to include the penalty, or use the annualized income method to figure the penalty, you have to wait for the form to be finalized. @Anonymous
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