Can IRS penalize me for estimated taxes when TurboTax program stated I did not owe any penalty?

Yes the IRS can penalize you for failure to timely pay in enough taxes to meet one of the exceptions.

here are the rules

There will be federal penalties for not paying in enough taxes during the year if withholding and

1. timely estimated tax payments equal do not equal or exceed 90% of your 202 tax or
2. timely estimated tax payments equal do not equal or exceed 100% of your 2022 tax (110% if your 2022 adjusted gross income was more than $150K) or
3. the balance due after subtracting taxes withheld from 90% of your 2023 tax is more than $1,000
4. or your total taxes are more than $1,000

Turbotax relies on the amounts you entered to determine if penalties are owed. The IRS probably can have different data.  The notice should show the data the IRS used to calculate the penalty. If you have documentation that the IRS is wrong, you can follow the instructions to refute the penalty.  

 

 

income data from the 2022 would be based on your return as originally filed unless there was a substantial understatement.