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.

Why am I getting charged an Underpayment penalty when I paid my taxes before the deadline? Because when I run the TurboTax program it said there were no errors.

 
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.

3 Replies
ee-ea
Level 15

Why am I getting charged an Underpayment penalty when I paid my taxes before the deadline? Because when I run the TurboTax program it said there were no errors.

JohnB5677
Expert Alumni

Why am I getting charged an Underpayment penalty when I paid my taxes before the deadline? Because when I run the TurboTax program it said there were no errors.

You must pay your taxes in a timely manner. 

 

  • This means the IRS expects to be paid each quarter for the amount that you earned in that quarter. 
  • The IRS default is that you earned an equal amount each quarter.
  • TurboTax will provide you with 1040-ES form to make your estimated payments.
  • If you fail to do so, you will accumulate a penalty.
  • The penalty is calculated on form 2210 .
  • This will show each quarter and the penalty and interest that has accumulated.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Why am I getting charged an Underpayment penalty when I paid my taxes before the deadline? Because when I run the TurboTax program it said there were no errors.

You might be able to eliminate it or at least reduce it. You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you. It's form 2210.


It's under

Federal or Personal (for Home & Business Desktop)

Other Tax Situations

Additional Tax Payments

Underpayment Penalties - Click the Start or update button

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question