- Is 42$ already added to the tax i need to pay irs. So i don't have to pay 42$ to irs separately.
- Will irs send me a separate letter with underpayment penalty and then i pay irs - meaning the turbotax calculation of 42$ is just an estimation.
The penalty on line 38 is already included in the tax due on line 37. You don't have to pay it separately. It is just an estimate so it is possible for the IRS to recalculate it and send you a refund or a bill for more. Don't worry about it. Have you filed yet?
If you haven't filed yet, You might be able to eliminate it or at least reduce it. You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you. It's form 2210.
Federal or Personal (for Home & Business Desktop)
Other Tax Situations
Additional Tax Payments
Underpayment Penalties - Click the Start or update button