Penalty/Interest on my 2023 Tax return

[ppulickal]

I filed my 2023 taxes with Turbo Tax and just now I noticed a $126 Penalty/Interest on my return. This is showing on line 38 and says to see instructions. But I am not able to see anything. How do I find out what that fee is and is it possible to reverse it? 

Thank you for the reply

[DoninGA]

Go to this IRS website for the Form 1040 Line 38 regarding the Estimated Tax Penalty - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=62

[NateTheGrEAt]

Line 38 is your estimated tax penalty. This penalty could be assessed if you didn't have enough tax withheld and/or didn't make adequate estimated tax payments during the year. This TurboTax article will give some more details on the situation and help you figure out what to do next. 

[fanfare]

once you encounter a large amount on Line 38, you quickly  (attempt to) become an expert on underwithholding and how to reduce or eliminate it.

Otherwise, to you, it is not a large amount.