@khurramch079
You can probably knock $1000 off of that bill because the TurboTax estimator is still using 2020 tax laws, and the child tax credit was increased by $1000 for 2021 as part of the American rescue plan act, or $3600 if the child is age 5 or less.
Unfortunately, it appears that you were drastically under withheld. And again unfortunately, the IRS will take the position firstly that you owe what you owe, and secondly that you are responsible for your W-4 and your withholding, and if you are not withheld properly you are responsible for making additional estimated payments.
Even if you pay in full with your tax return, the IRS will assess a penalty because you were supposed to be paying into the system as the year went along. (And even if you made a large estimated payment now, the IRS would still likely assess a penalty because you did not pay enough into the system while you were working as the year was going along.)
The first thing you absolutely must do is file your tax return on time, because the penalty for late filing is substantially larger than the penalty for late payment. Pay as much as you can when you file your tax return. You can then go to the IRS website and request a payment plan. The IRS will charge you a nonrefundable fee, but that fee is the lowest if you request a payment plan online with the IRS, and not using a paper form and not going through a third-party.
I would also not include a penalty payment when you file your tax return. TurboTax may offer to calculate a penalty and you should decline that offer. When the IRS send you an official penalty notice, you can request a first time penalty waiver if you have never owed a penalty before. You will still owe interest on the late payments because that can’t be waived, but the IRS will usually waive a penalty for a first-timer.
