Check Line 51 on Form 1040A (it's off to the left from line 50) for an Estimated Tax Penalty. While this number is below on the form, it is included in the above calculation for Line 50.
Note: 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). See IRS Topic No 306 - Penalty for Underpayment of Estimated Tax for more information on this penalty
"Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and estimated tax payments, or if they paid at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller."
You can review the underpayment penalty section by using one of the following two methods
First, you can perform a search within the program.
- If online: Log in and click Take Me to My Return
- Use the search icon in upper right-hand corner (magnifying glass icon) or if using desktop, click search topics
- Search for “underpayment penalty”
- Click the 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
- 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
