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The Estimated tax penalty on Line 38 of the Form 1040 is added to the amount of taxes owed or it will reduce the amount of your federal tax refund.
TurboTax does not pay for your Estimated Tax Penalty.
Go to this IRS website for the Estimated Tax Penalty information - https://www.irs.gov/payments/underpayment-of-estimated-tax-by-individuals-penalty
See the instructions for Form 2210. If the penalty was not included on your tax return, you were not required to figure the penalty. If you were not required to figure your penalty amount, the IRS will bill you later.
From the IRS: If you didn't check box B, C, or D in Part II, you don't need to figure the penalty. The IRS will figure any penalty for underpayment of estimated tax and send you a bill. If you file your return by April 15, 2024, no interest will be charged on the penalty if you pay the penalty by the date shown on the bill. If you want us to figure the penalty for you, complete your return as usual. Leave the penalty line on your return blank; don't file Form 2210.
On the 1040 line 38 is estimated tax penalty. This was not added to line 37 the amount owed. How do I pay the figure in line 38 to the IRS?
@rk38 The amount on Line 38 of the Form 1040 is included in the amount of taxes owed on Line 37 or reduces the amount the tax refund on Line 35a
I see the math now. Thanks.
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