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dkpraveen
New Member

I am being made to pay an underpayment penalty this year. Isn't turbotax supposed to take care of such things as they verified my return for accuracy?

 
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rjs
Level 15
Level 15

I am being made to pay an underpayment penalty this year. Isn't turbotax supposed to take care of such things as they verified my return for accuracy?

An underpayment penalty has nothing to do with the accuracy of your tax return. It's a penalty for not having paid enough tax over the course of the year, either in withholding or in estimated tax payments.

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2 Replies
rjs
Level 15
Level 15

I am being made to pay an underpayment penalty this year. Isn't turbotax supposed to take care of such things as they verified my return for accuracy?

An underpayment penalty has nothing to do with the accuracy of your tax return. It's a penalty for not having paid enough tax over the course of the year, either in withholding or in estimated tax payments.

dkpraveen
New Member

I am being made to pay an underpayment penalty this year. Isn't turbotax supposed to take care of such things as they verified my return for accuracy?

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