Deductions & credits

The penalty for late paying is 5% of the amount you owe, for each month or part of a month, for the first 5 months, then 1/2% per month after that.  So being even 1 day late, the penalty will be 5% of what you owe.  There are some minimum penalties that can be more than 5% if you are more than 60 days late.

 

The penalty for late filing is 1/2% per month, but this penalty is not assessed for any month when you are also assessed the full 5% late payment penalty.

 

You will also be charged interest on the late amounts (tax plus penalty) at about 4% APR.

 

However, I would not pay a penalty now, even if Turbotax attempts to calculate it.  Wait until the IRS sends you a bill.  Then, you can request penalty relief for cause or if this is the first time you ever owed a penalty.

https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penal...