Am I off-track here?
The estimates are descent. But remember, there's no way to know the "exact" amount until you actually complete and file your tax return. But even then, you won't know that "exact" figure anyway. When it comes to figuring penalties and interest the TurboTax program can only "estimate". That's because the interest does not stop accumulating until the day the IRS actually receives your payment. (That may not be the day you send it either.) Additionally, the Turbotax program has no possible way of knowing when you will pay it, or when the IRS will receive it. In such a case, the IRS will send you a bill in the U.S. mail with any additional interest and/or penalties due, if such is "in fact" due under federal law. When that happens, you're generally talking an amount less than $25.
Also I'm confused when the interest starts accumulating,
Hey, the only thing I can respond with to that is this:
He who claims to totally understand the situation and all aspects of it, is obviously not paying attention. 🙂
