topic I filed my return early and was told by Turbo Tax I didnt have any penalty but got a notice from the IRS that I owe for failure to pay proper estiamted taxes? in After you file https://ttlc.intuit.com/community/after-you-file/discussion/i-filed-my-return-early-and-was-told-by-turbo-tax-i-didnt-have-any-penalty-but-got-a-notice-from-the/01/232646#M44055 Sat, 01 Jun 2019 19:15:59 GMT elizabethmburke 2019-06-01T19:15:59Z I filed my return early and was told by Turbo Tax I didnt have any penalty but got a notice from the IRS that I owe for failure to pay proper estiamted taxes? https://ttlc.intuit.com/community/after-you-file/discussion/i-filed-my-return-early-and-was-told-by-turbo-tax-i-didnt-have-any-penalty-but-got-a-notice-from-the/01/232646#M44055 Sat, 01 Jun 2019 19:15:59 GMT https://ttlc.intuit.com/community/after-you-file/discussion/i-filed-my-return-early-and-was-told-by-turbo-tax-i-didnt-have-any-penalty-but-got-a-notice-from-the/01/232646#M44055 elizabethmburke 2019-06-01T19:15:59Z If you completed the Annualizing your income worksheet an... https://ttlc.intuit.com/community/after-you-file/discussion/if-you-completed-the-annualizing-your-income-worksheet-an/01/232653#M44059 <P>If you completed the <I>Annualizing your income worksheet</I> and it calculated that you did not owe any penalties, you could send the IRS the worksheet to <B>dispute the penalty</B>. See the <B>TIP</B> below.</P><P>Underpayment penalties are assessed if you don't withhold or pay enough tax on income received during each quarter.</P><P>In fact, it's entirely possible to get hit with an underpayment penalty even though you paid your tax bill in full by the April deadline or are getting a refund.</P><P><STRONG>Example:</STRONG>&nbsp;Joe is self-employed and estimated next year's tax bill at $20,000. Rather than making 4 quarterly payments of $5,000 apiece, he chose to pay $500 in each of the first 3 quarters, and the remaining $18,500 in the fourth quarter.</P><P>When he filed, his actual tax bill came to $17,270 and he got a $2,730 refund. However, he got hit with the underpayment penalty because he&nbsp;<STRONG>underpaid&nbsp;</STRONG>his estimated tax in the first 3 quarters.</P><P><STRONG>Tip:</STRONG>&nbsp;To reduce or possibly even eliminate your underpayment penalty,&nbsp; search for&nbsp;<STRONG>annualizing your tax</STRONG>&nbsp;(use this exact phrase) inside TurboTax. This will take you to the underpayment penalty section and we'll take you through the steps to possibly reduce your underpayment penalty. (If you don’t see&nbsp;<STRONG>Jump to annualizing your tax</STRONG>&nbsp;in the search results make sure you’re in your return and not on the Tax Home page.)</P><P>&nbsp;</P> Sat, 01 Jun 2019 19:16:01 GMT https://ttlc.intuit.com/community/after-you-file/discussion/if-you-completed-the-annualizing-your-income-worksheet-an/01/232653#M44059 HelenaC 2019-06-01T19:16:01Z
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topic I filed my return early and was told by Turbo Tax I didnt have any penalty but got a notice from the IRS that I owe for failure to pay proper estiamted taxes? in After you file
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https://ttlc.intuit.com/community/after-you-file/discussion/i-filed-my-return-early-and-was-told-by-turbo-tax-i-didnt-have-any-penalty-but-got-a-notice-from-the/01/232646#M44055
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I filed my return early and was told by Turbo Tax I didnt have any penalty but got a notice from the IRS that I owe for failure to pay proper estiamted taxes?
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https://ttlc.intuit.com/community/after-you-file/discussion/i-filed-my-return-early-and-was-told-by-turbo-tax-i-didnt-have-any-penalty-but-got-a-notice-from-the/01/232646#M44055
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If you completed the Annualizing your income worksheet an...
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<P>If you completed the <I>Annualizing your income worksheet</I> and it calculated that you did not owe any penalties, you could send the IRS the worksheet to <B>dispute the penalty</B>. See the <B>TIP</B> below.</P><P>Underpayment penalties are assessed if you don't withhold or pay enough tax on income received during each quarter.</P><P>In fact, it's entirely possible to get hit with an underpayment penalty even though you paid your tax bill in full by the April deadline or are getting a refund.</P><P><STRONG>Example:</STRONG>&nbsp;Joe is self-employed and estimated next year's tax bill at $20,000. Rather than making 4 quarterly payments of $5,000 apiece, he chose to pay $500 in each of the first 3 quarters, and the remaining $18,500 in the fourth quarter.</P><P>When he filed, his actual tax bill came to $17,270 and he got a $2,730 refund. However, he got hit with the underpayment penalty because he&nbsp;<STRONG>underpaid&nbsp;</STRONG>his estimated tax in the first 3 quarters.</P><P><STRONG>Tip:</STRONG>&nbsp;To reduce or possibly even eliminate your underpayment penalty,&nbsp; search for&nbsp;<STRONG>annualizing your tax</STRONG>&nbsp;(use this exact phrase) inside TurboTax. This will take you to the underpayment penalty section and we'll take you through the steps to possibly reduce your underpayment penalty. (If you don’t see&nbsp;<STRONG>Jump to annualizing your tax</STRONG>&nbsp;in the search results make sure you’re in your return and not on the Tax Home page.)</P><P>&nbsp;</P>
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