Turbo Tax added a penalty to the amount owed to the IRS and I did not notice this until after I filed so I assume the IRS will take the amount indicated. Why has this happened and is there anything I can do about it? I am having to file a correction now and this is further complicated by the Turbo Tax error.
A penalty on line 24? Yes that either increased the tax due or reduced your refund. It is just an estimate. The IRS May send you a bill for more or reduce it.
If you do not pay enough tax, you may have to pay a penalty for underpayment of estimated tax. Even if you are getting a refund you can still owe a penalty for not paying in evenly during the year. Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller. It is included in your tax due or reduces your refund.
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