How do you know if you owe a tax penalty for underpayment

j113 — Fri, 07 Jun 2019 23:11:12 GMT

You can view any calculated penalty on your Form 1040, li...

AnthonyC — Fri, 07 Jun 2019 23:11:14 GMT

You can view any calculated penalty on your Form 1040, line 79. You can preview your Form 1040 in the online version by following the steps below. Please note this only allows you to review a tax summary and see the Form 1040 (first two pages of your return). It will not allow you to view the full forms and schedules, but you will be able to see the line in question.

Log in your account
Click Take Me to My Return
Select My Account (top right of blue banner)
Select Tools
Select View My Tax Summary
Here you will see a Tax Summary of your return so far
In the grey banner, click Preview my 1040
Check for Line 79, Estimated tax penalty on Form 1040 (it would be Line 51, if filing a Form 1040A)

If you have been assessed an underpayment penalty, then you can see if you may qualify for an exception to the penalty. You may want to look into these exceptions if this is the first year you owed tax and it is not a normal occurrence (i.e. you had one time income this year).

You can review the underpayment penalty section by using one of the following two methods

First, you can perform a search within the program.

Log in and click Take Me to My Return
Use the search icon in upper right hand corner (magnifying glass icon)
Search for “underpayment penalty”
Click the “Jump to underpayment penalty” link
This will take you directly to the section of the program where you can review the underpayment penalty and possibly qualify for an exception

Second, you can use a step by step method of getting the to same place above

Log in and click Take Me to My Return
Click Federal Taxes (Personal if in Self-Employed)
Select Other Tax Situations
Scroll down to Additional Tax Payments
Click start/edit next to Underpayment Penalties

topic How do you know if you owe a tax penalty for underpayment in Get your taxes done using TurboTax

How do you know if you owe a tax penalty for underpayment

You can view any calculated penalty on your Form 1040, li...