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I owed more than $3000 federal income tax for 2016. This year I owe $18, 957 for Fed income tax. Do I owe Fed underpayment penalty? How do I check? Thanks!

I owe State Tax for $2,206, and TurboTax asked me when to pay and calculated my penalty, but said nothing about Fed underpayment penalty.

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Anita01
New Member

I owed more than $3000 federal income tax for 2016. This year I owe $18, 957 for Fed income tax. Do I owe Fed underpayment penalty? How do I check? Thanks!

You can check by looking at your 1040, line 79.  Go to Forms, then click on the 1040 to look at it. You may have accidentally said to let the IRS calculate the penalty for you but you can always go back and calculate your own for this return under Federal Taxes, Other Tax situations, Underpayment of Estimated Tax Penalty.

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1 Reply
Anita01
New Member

I owed more than $3000 federal income tax for 2016. This year I owe $18, 957 for Fed income tax. Do I owe Fed underpayment penalty? How do I check? Thanks!

You can check by looking at your 1040, line 79.  Go to Forms, then click on the 1040 to look at it. You may have accidentally said to let the IRS calculate the penalty for you but you can always go back and calculate your own for this return under Federal Taxes, Other Tax situations, Underpayment of Estimated Tax Penalty.

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