Do I have the option to NOT pay tax underpayment penalty calculated by Turbo Tax and have the IRS determine it? If YES, how do I delete it from my tax return?

Yes.  You have a desktop version of TurboTax, so these instructions are for your version.  Select the forms icon in the upper right of your screen.  On the left side of your screen, you'll see a list of the forms in your return.  Double-click on Form 2210 to open it.  Check the box near the top of the form labeled line C - "Check to have the IRS figure the penalty and send a bill if penalty due."