topic Did the tax owed amount include underpayment penalty? I thought that it did but I got a bill from IRS for the penalty. in After you file

Did the tax owed amount include underpayment penalty? I thought that it did but I got a bill from IRS for the penalty.

hp324 — Sat, 08 Jun 2019 00:34:58 GMT

That's common for the IRS to send you a bill for more int...

VolvoGirl — Sat, 08 Jun 2019 00:35:00 GMT

That's common for the IRS to send you a bill for more interest. It's based on when they actually get your tax due payment. Turbo Tax only can calculate an estimated penalty.

Turbotax may offer to calculate a penalty, depending on y...

Opus 17 — Sat, 08 Jun 2019 00:35:01 GMT

Turbotax may offer to calculate a penalty, depending on your situation, but it is very common for the calculation to be off and for the IRS to send a bill anyway. (That's why it's called an estimated penalty.) If you already did include a penalty, it would be on line 23 of form 1040. You can call the IRS to make sure the new bill takes into account the estimated penalty you already paid.