topic Error in calculating amount owed on 1040 line 37 in Turbo Tax Deluxe 2024 in Get your taxes done using TurboTax

Error in calculating amount owed on 1040 line 37 in Turbo Tax Deluxe 2024

ecscuntkc — Sun, 02 Feb 2025 18:41:14 GMT

Line 37 is calculated by subtracting line 24 from line 33. In my case the number should be 4,346 not 4,444.

Are you aware of this error.

Re: Error in calculating amount owed on 1040 line 37 in Turbo Tax Deluxe 2024

rjs — Sun, 02 Feb 2025 20:26:42 GMT

It's not an error. You cut off line 38 in the picture that you posted. You must have a $98 penalty on line 38. That gets added to line 37. Line 37 is line 24 minus line 33 plus line 38.

Re: Error in calculating amount owed on 1040 line 37 in Turbo Tax Deluxe 2024

VolvoGirl — Sun, 02 Feb 2025 20:32:04 GMT

If you get a penalty on 1040 line 38, you might be able to eliminate it or at least reduce it. You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you. It's form 2210.

How to add form 2210 for Underpayment Penalty
https://ttlc.intuit.com/community/tax-payments/help/how-do-i-add-form-2210/00/25703

It's under

Federal or Personal (for Home & Business Desktop)

Other Tax Situations

Additional Tax Payments

Underpayment Penalties - Click the Start or update button

Re: Error in calculating amount owed on 1040 line 37 in Turbo Tax Deluxe 2024

ANNE IN MAINE — Fri, 07 Feb 2025 17:10:14 GMT

Printed on form 1040: "37 Subtract line 33 from line 24. This is the amount you owe" is what it says--- a contradictory instruction if you owe an estimated tax penalty. Which sentence is correct and which is not?

Re: Error in calculating amount owed on 1040 line 37 in Turbo Tax Deluxe 2024

ANNE IN MAINE — Fri, 07 Feb 2025 17:11:44 GMT

So why doesn't it say that on the form?

Re: Error in calculating amount owed on 1040 line 37 in Turbo Tax Deluxe 2024

rjs — Fri, 07 Feb 2025 17:33:04 GMT

@ANNE IN MAINE

Line 38 says "Estimated tax penalty (see instructions)." The Form 1040 instructions say "Enter any penalty on line 38. Add the penalty to any tax due and enter the total on line 37."

You would have to ask the IRS why line 37 doesn't say anything about adding a possible penalty.