Tax Penalty line 38 - 1040SR

[HGE747]

I already e-filed my 2024 1040-SR. After reviewing my printed copy of the 1040-SR I discovered to my surprise a Penalty/Interest charge on my 2024 Federal Tax Return Summary. While preparing my 2024 taxes on TurboTax I was not informed or directed that there was an issue with an estimated tax penalty. After some research I now suspect the reason could be because my quarterly estimated tax distributions were uneven. I rolled over a substantial IRA to a Roth IRA in the last week of 2024. Therefore, I increased the last quarter estimated taxes accordingly. Is there anyway to correct this penalty/interest charge. Turbo tax already paid the penalty from my refund. Thanks

[VolvoGirl]

No, but it is an estimated amount.  The IRS might reduce it and increase your refund. 

[SharonD007]

You can contact the IRS to request a one-time abatement of your underpayment penalty. For individual tax returns, call 1-800-829-1040, 7 AM - 7 PM Monday through Friday local time.

For more information, refer to the TurboTax help article Guide to IRS Tax Penalties: How to Avoid or Reduce Them.

[HGE747]

Do you know when the IRS determines the finalized amount? Do I get a notification from them? Thanks