My husband pays his total tax at the end of each year, does NOT pay the quarterlies-how do I determine the penalty since it is NOT in the Federal 1040 this year?
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The program does compute an underpayment penalty if required ... look at the form 1040 line 23.
Line 23 on Form 1040 refers me to the instructions. However, the instructions only go as far as Line 21. We had to pay an additional $136.96 because of unfamiliarity with the new form.
( you get accustomed to something being done for you )
if we have to make the calculation, maybe that will be corrected for the new year.
Please correct me if I am wrong in any way.
If Turbo Tax doesn't automatically fill it out you can add it yourself. You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you. It's form 2210.
It's under
Federal or Personal (for Home & Business Desktop)
Other Tax Situations
Additional Tax Payments
Underpayment Penalties - Click the Start or update button
And even if you or Turbo Tax adds it on line 23 it is only an estimate. It's common and expected for the IRS to bill you for more depending on when they actually get your payment. Or even send you a refund for some.
@Truji0746 What Instructions are you looking at?
See 1040 Instructions for line 23 on page 66
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
Form 2210 https://www.irs.gov/pub/irs-pdf/f2210.pdf
And 2210 Instructions https://www.irs.gov/pub/irs-pdf/i2210.pdf
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