Where in 2022 Premium TTX do I file for 2020 Underpayment with penalty and interest.

[anken]

Where in Turbo Tax Deluxe 2022 (filing jointly) do we deal with “Underpayment, Interest and Penalty”

from the 2020 tax year?

My husband and I have been using Turbo Tax for many years. Usually, it is doing well. We download our banking information straight into Turbo Tax to avoid any errors. Before the e-filing, T.T. checks for errors and all seemed fine. The refund though seemed larger than we expected and we should have gone through T.T. again, but we didn't . We did get the larger refund deposited a couple weeks later.

A year later, we got a notice from the IRS , informing us that the tax year of 2020 had errors of Under payment.

We have paid the underpayment with interest and penalty during the  tax year 2022. We decided not to use an CPA because of the expense.

My question: Where in Turbo Tax 2022 forms do we deal with this situation? I guess, that underpayment has no tax consequence in 2022. Can we list the interest and penalty paid to IRS and where should we do it?

Thank you in advance for any suggestions you might have. Ann

[DoninGA · Accepted solution]

Interest and penalties for prior tax years owed and paid are not entered on a tax return.