Does the final number calculated by TurboTax already include the tax underpayment penalty? I forgot to do quarterly tax for the first half of the year-end up owing $4k.
I received a fellowship for the first half of the year which did not withhold any federal and state taxes.
031969
3 Replies
Bsch4477
Level 15
Mar 15, 2024 8:11:48 PM
Look at line 38 of your 1040.
sun-zhenxin-hotm
New Member
Mar 15, 2024 11:14:44 PM
Line 38 is empty. I don’t think the underpayment penalty was calculated. Would this be a problem? Any suggestions on how should I proceed? Thanks!
Bsch4477
Level 15
Mar 16, 2024 8:40:27 AM
After you file you might receive a letter from the IRS assessing a penalty. For whatever reason many taxpayers never receive such a letter.