topic Additional tax owed? in After you file

Additional tax owed?

Dshow — Wed, 22 May 2024 14:16:23 GMT

Hi,

I did my '23 taxes with TurboTax. I did a large Roth conversion in Dec and I owed a penalty. I used TT to figure the penalty using the annualized income method. I paid what it said I owed on April 12. The just recently cashed my check. I went to the IRS website and it said I have an outstanding balance of $27...???? Will I get some form of notification that says I still owe this amount and why they believe I owe this amount?

Thank you!

Re: Additional tax owed?

Critter-3 — Wed, 22 May 2024 16:56:34 GMT

The TT program computes an ESTIMATED underpayment penalty based on the info you entered in the interview however the fed/state reserve the right to assess a penalty/interest based on the info they have on file for you and bill you for the difference ... pay the bill when it arrives.

Re: Additional tax owed?

Dshow — Wed, 22 May 2024 19:46:53 GMT

So... they will send me a bill... hopefully there will be their reason why.

Thanks!