If you have filed your return and paid your tax due, then the underpayment penalty was included. You can see the penalty amount on Line 23 of your Form 1040. It's last line on page 2.
Thank you so much for answering so promptly. Your answer pointed me exactly where to look for the information. Unfortunately, it seems that there was some kind of glitch in the calculation because the space on line 23 is blank. TurboTax did not calculate the penalty and, therefore, it was not included in the final amount that i paid.
Do you know for sure you had a penalty? You have no penalty this year if you paid at least 100% of last year's tax liability, 80% of this year's liability, OR you owe less than $1,000 total.
Hi, Ashby. Thanks again for answering. TurboTax probably miscalculated it because I did not pay any of estimated taxes in 2018. I only paid them now in 2019. And, I owed more than U$1,000 for 2018.
I just got a notice for failure to pay estimated taxes. Is this a known glitch with turbo tax?
The amount Turbo Tax calculates on your return or not is only an estimate.
Turbo Tax can not figure it accurately because they don't know exactly when the IRS or state will get your return and tax due payment. It's very common and normal and expected for the IRS or state to bill you for more or send you a refund.
Similar issue: Line 22 shows $4059, Line 23 shows $11. Vouch was for $4059 so penalty not on voucher.