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New Member
posted Jun 5, 2019 4:54:03 PM

How do I find out how turbotax calculated late payment penalties?

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1 Replies
Level 15
Jun 5, 2019 4:54:04 PM

Failure to file penalties and failure to pay penalties are only assessed by the IRS after the tax return and tax payment is received by the IRS, they are not entered on a tax return.  The IRS will send you a bill in the mail for any penalties and interest owed.

Go to this IRS website for penalty information - https://www.irs.gov/businesses/small-businesses-self-employed/understanding-penalties-and-interest