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New Member
posted Apr 12, 2024 3:15:51 PM

How do I know if I paid the underpayment penalty?

0 3 982
3 Replies
Level 15
Apr 12, 2024 3:16:36 PM

The penalty will be included in the federal taxes owed or it will reduce the federal tax refund.

Level 15
Apr 12, 2024 3:18:10 PM

If you have a penalty it will be on 1040 line 38.  It is included in the tax due on line 37 or reduced a refund on line 35a.  Nothing you have to do.  

Level 15
Apr 12, 2024 9:35:24 PM

the penalty if any will be on line 38 of the 1040.