Yes, TurboTax automatically calculates a penalty when your withholding or estimated payments and not enough to meet the requirement to pay as you go.
You can request a penalty waiver. Here's how to do that:
- Sign in to your TurboTax account.
- Select Other Tax Situations.
- Select Start or Edit to the right of Underpayment Penalties.
- Answer the first several screens according to your situation.
- When you get to Penalty Waivers, answer Yes.
- Answer Yes to You Can Request a Waiver.
- Answer Waive all to Do You want to Reduce Your Penalty?
- In the explanation box enter a brief statement of why you should not have to pay the penalty.
- Continue through the end of the section.
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