On the physical return itself, any underpayment penalty would be shown on line 79 of Form 1040 or line 51 of Form 1040A. You may also have a Form 2210 in your worksheets packet, but the IRS does not always require that form to be sent with the return, so it may only show when you select "All Forms" for printing.
In TurboTax itself, you can review the underpayment penalty section using the information below -
If you have been assessed an underpayment penalty, then you can see if you may qualify for an exception to the penalty. You may want to look into these exceptions if this is the first year you owed tax and it is not a normal occurrence (i.e. you had one time income this year).
You can review the underpayment penalty section by using one of the following two methods
First, you can perform a search within the program.
- Log in and click Take Me to My Return
- Use the search icon in upper right hand corner (magnifying glass icon)
- Search for “underpayment penalty”
- Click the “Jump to underpayment penalty” link
- This will take you directly to the section of the program where you can review the underpayment penalty and possibly qualify for an exception
Second, you can use a step by step method of getting the to same place above
- Log in and click Take Me to My Return
- Click Federal Taxes (Personal if in Self-Employed)
- Select Other Tax Situations
- Scroll down to Additional Tax Payments
- Click start/edit next to Underpayment Penalties
