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Does TurboTax automatically calculates underpayment tax? TurboTax indicates that I owes $7,879 in tax and I'm not sure if this includes the penalty.

 
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Does TurboTax automatically calculates underpayment tax? TurboTax indicates that I owes $7,879 in tax and I'm not sure if this includes the penalty.

Yes, it does.

You can check if your penalty is included by looking at line 79 of your Form 1040.

To do so:

1.       Go to Tax Tools on the left-hand side.

2.       Go to Tools.

3.       Go to View Tax Summary.

4.       Click Preview my 1040 from the left-hand side.


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2 Replies

Does TurboTax automatically calculates underpayment tax? TurboTax indicates that I owes $7,879 in tax and I'm not sure if this includes the penalty.

Yes, it does.

You can check if your penalty is included by looking at line 79 of your Form 1040.

To do so:

1.       Go to Tax Tools on the left-hand side.

2.       Go to Tools.

3.       Go to View Tax Summary.

4.       Click Preview my 1040 from the left-hand side.


JoeGo
New Member

Does TurboTax automatically calculates underpayment tax? TurboTax indicates that I owes $7,879 in tax and I'm not sure if this includes the penalty.

It doesn't do it on State Taxes

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