Late fee or penalty for late quarterly estimated tax payment?

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@NCperson wrote:

@titan_rx8 - don't worry about lates fees or penalties - if there are any that will be calculated when you complete you 2022 tax return next year. 

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In fact, even if Turbotax suggests you owe a penalty and offers to calculate one, you should decline the penalty and just submit your tax return.  If the IRS assesses a penalty, they will send a bill.  The penalty calculation is complicated and even a penalty calculated by a tax program will often be revised by the IRS, so even if you paid a penalty with your tax return, you might get a bill or a refund for a few dollars over or under.  When you get the bill, you can pay or ask for a waiver if you are a first-timer. (You can't ask for the waiver if you include the penalty when you pay your taxes.)

The penalty calculation can't be performed until all your income, payments and taxes for the whole year are known.  For planning purposes, the penalty for late payment is 0.5% per month or part of a month (so 1 day or 29 days late is 0.5%) plus interest at a variable APR that is probably around 4% these days.  But that's based on what you owed, not what you paid, which isn't known until you file your return.  (That is, if your return shows you should have paid $3000 in June, and you actually paid $4000 in July, then you were late on the $3000, not the $4000.)  So really, just wait and see.