How to calculate late payment penalties on turbotax (for filed extension with balance due and is this a big deal?)

[davsea17]

If I file my return by the extension date and owe about 1,200 extra than I thought for the year what happens?

Already have been paying estimated taxes, which were close but not enough and turbo tax adjusted those to reflect the penalty amounts.

But there was no adjustment for the penalty for the late payment considering the time from April 15th to October 15th? Plus the extra 1,200 or so owed.

Is there a way to calculate this penalty in turbo tax or add to the amount so I won't receive a tax due notice?

Thanks!

[VolvoGirl]

No, not really.  Turbo Tax might calculate an estimated underpayment penalty but it's not final.  Turbo Tax doesn't know when the IRS will get your tax due payment.  The IRS will bill you once they get your payment or even send you a refund. 

[davsea17]

Thanks! 

[LisaAmos]

Actually, I owed about the same amount and on the final Turbo Tax sheet - the cover sheet, my estimated penalties with interest were $9.  I hope this gives you some relief.  I only saw this number after I had put in my checking info and I saw it on the cover page.  I am going to have to add a deduction from my SS Disability pay, because that becomes taxable if you earn over a certain amount.  All the best to ya!