VolvoGirl
Level 15

Get your taxes done using TurboTax

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.

 

It's under

Federal or Personal (for Home & Business Desktop)

Other Tax Situations

Additional Tax Payments

Underpayment Penalties - Click the Start or update button

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