Thank you for explaining the quarterly aspect! I did pay the same amount each quarter, though, so in terms of being 110% of last year's tax yield it should all be good right? I am wondering now that you mentioned the 2020 circumstances though, I think I paid Q1 late because 2020 was the first time I've ever had to pay estimated taxes, and I did my return late due to the pandemic. Perhaps that's where the late fee is coming from?
In any case though why is my underpayment penalty $448 which is way more than it should be (3.398% of the difference between what I paid over all and what I owe according to the internet, which is about 12k according to turbotax).
Basically is there a way to see how turbotax is calculating it? Is it a late fee + interest, or are they not taking my estimated tax payments into account somehow? Everyone else I know has penalties of about $40, nothing near as high as me.
