First Time Penalty: failure to pay proper estimated tax

[cachu]

Hello,

I am getting a notice from the IRS stating I didn't pay enough taxes due for the year with my quarterly estimated tax payments.  When filing with Turbotax in February I did not see any line stating a penalty amount so I am surprised to see this.  Second, I did not work a full 12 months last year so my income is actually less than prior years and what I owed in federal taxes was very high.   I am trying to understand why this might be?  Is it possible this was miscalculated?  I do have some dividends and interest income.   Do I just pay this?  Can I submit for correction or abatement?  

[Mike9241]

does the notice show the calculation of the penalty because we have no access to your reporting or the notice

the rules:

withholding and timely estimated tax payments must meet the lowest of either of the following

1) 90% of current year tax 

2) 100% of last year's tax. That jumps to 110% if your prior year adjusted gross income was over $150,000

also there is no penalty if you owe $1000 or less after subtracting withholding (estimates don't count) from 90% of the current year tax. 

not knowing how much is involved we don't know if requesting first time abatement is advisable.