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arnabde03
New Member

I owe money to IRS and I also a penalty, but my "total taxes owed" amount shown in Turbo Tax does not include the penalty. Will the penalty be deducted automatically?

 
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5 Replies

I owe money to IRS and I also a penalty, but my "total taxes owed" amount shown in Turbo Tax does not include the penalty. Will the penalty be deducted automatically?

What line are you looking at?   Look at line 37 on your Form 1040.  That is the amount you need to pay by April 18, 2023.

 

PREVIEW 1040

 

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
JulieS
Employee Tax Expert

I owe money to IRS and I also a penalty, but my "total taxes owed" amount shown in Turbo Tax does not include the penalty. Will the penalty be deducted automatically?

It depends on which penalty you owe. If it is an underpayment penalty showing on line 38 of Form 1040, then yes, it is included in you total tax due. 

 

If you chose to "Have the IRS bill me later" in the underpayment penalty section, then no, the penalty is not included in your total. 

 

If this doesn't fully answer your question, please respond back with more details of the type of penalty. 

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arnabde03
New Member

I owe money to IRS and I also a penalty, but my "total taxes owed" amount shown in Turbo Tax does not include the penalty. Will the penalty be deducted automatically?

Thanks for your reply. Does the line 37 include the penalty mentioned in line 38?

arnabde03
New Member

I owe money to IRS and I also a penalty, but my "total taxes owed" amount shown in Turbo Tax does not include the penalty. Will the penalty be deducted automatically?

Yes, this is an underpayment penalty showing on line 38. Is it included in the total amount due showing on line 37? 

I don't think I chose "Have the IRS bill me later". How can I confirm it?

AmyC
Expert Alumni

I owe money to IRS and I also a penalty, but my "total taxes owed" amount shown in Turbo Tax does not include the penalty. Will the penalty be deducted automatically?

Line 24 minus Line 33 would be the amount due. If your line 37 matches your math answer, the penalty was not included. 

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