I am filing late, is there any penalty?

Not if you are getting a refund.

But filing late could make you ineligible for some elections on the tax return.

If you are getting a refund there is not a penalty for missing the deadline.  If you owe tax due, however, you are subject to a late filing penalty and interest which will be based on how much you owe and when you file your return and pay.  TurboTax will not calculate that. The IRS will calculate it and bill you.