If I have filled an extension and didnt pay anything that I owed yet, is the turbo tax amount accurate than?

[VolvoGirl · Accepted solution]

But if the extension showes an amount you didn't pay make sure it not showing as a payment on line 70!

To check it go to
Federal Taxes (or Personal for H&B/Self Employed version)
Deductions and Credits
Then scroll way down to Estimates and Other Taxes Paid
Other Income Taxes - Click the Start or Update button

Next page second section Payments with Extension

[ulianajahnke]

What is "on line 70"?

[ulianajahnke]

I cannot find "estimates and other taxes paid"???

[VolvoGirl]

See 1040 line 70 <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f1040.pdf">https://www.irs.gov/pub/irs-pdf/f1040.pdf</a>

You can (and should) preview your return.   To preview your Online return, go to My Account at the top.  Then Tools, then View Tax summary.  Then you can click on Preview My 1040 at the top.  

 OR click Review near the top of your screen, and then click Summary right below it.  Then Near the bottom of the We Guarantee Your Maximum Refund screen, click the Preview Return link.    <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/3302322">https://ttlc.intuit.com/replies/3302322</a>

[xmasbaby0]

Federal>Deductions and Credits>Estimates and Other Taxes Paid>Other Income Taxes
You said earlier that you did NOT pay any tax when you requested your extension.  We are just having you make sure you did not say on your tax return that you did pay any of the tax.  If you said you paid something it would show up on line 70 when you look at a printed copy of your 1040.

[ulianajahnke]

No we didn't pay any taxes because we didn't know that extension doesn't cover the payment extension. it is our first time being hit with the taxes as the newly weds so we were really not prepared and not informed on any of this

[xmasbaby0]

OK.  Then as stated earlier, you already know how much your "tax due" is on your tax return.  In addition, because you did not pay any of it with your extension, you will owe some additional interest.  The IRS will  calculate and bill you for that when you they get your tax return.

[ulianajahnke]

do you approximately know how much that could be ??

[xmasbaby0]

No.  The IRS will determine it based on how much  tax you owe and how late you are.  They will not calculate it until they get your return, so the longer you wait to submit the return and make a payment, the more it adds up.  If you need to apply for a payment plan, you can do that directly with the IRS.  But be aware that there is an extra fee for going on a payment plan.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/payments/payment-plans-installment-agreements">https://www.irs.gov/payments/paym...>

[xmasbaby0]

Not quite, because you will owe interest.  TurboTax will not calculate the interest, though.  When the IRS receives your return they will calculate the interest owed and bill you.

[SweetieJean]

and you may owe an underpayment penalty.