turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

zeccolav
Returning Member

Penalties

I thought that Turbo Tax told me that since I retired in 2023, I did not owe penalties. I filed late (but several weeks before the Oct. 15 deadline). IRS sent me a letter with large penalties on it due to underpayment of tax due on April 15. Is this correct? Or are penalties truly waived for retirement years? Math correct.

Thank You,

Vincent

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Penalties

Penalties for underpayment of taxes are not waived for anyone, regardless of their retirement status.

Penalties

No.  I don't know what you heard but being retired does  not avoid any penalties.  If you have a tax due the payment was due on April 15  even if you filed the return late.  You probably didn't owe any early withdrawal penalty if you took out a IRA or 401K and were over 59 1/2.  That's the only penalty I can think of for being retired.  

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies