Tubo Tax shows a penalty/Interest on page one summary of my federal tax return

[givemetaxrelief]

Tubo Tax shows a penalty/Interest on page one summary of my federal tax return.  I can't see where this was calculated or how this originated.  

I paid all estimated taxes as per Tubo Tax Estimation calculations and paid all other taxes due (on time)

What is the reason for this?  Thanks in advance!

RB

[JohnB5677]

I'm not sure exactly what happened, but these are the guidelines that would result in a penalty.

The underpayment penalty may apply if any of these apply:

• The amount of tax you paid during the tax year is less than 90% of the tax that you owed for the current year. 
• The amount you paid during the tax year did not equal 100%, (110% for higher incomes) of your taxes owed the prior year. 
• The IRS also says you can probably avoid the penalty if the amount you owe is less than $1,000, after subtracting withholding and refundable credits.

Please check your income tax form 1040.

1. On the menu bar on the left that shows.
   1. My Info
   2. Federal
   3. State
   4. Review
   5. File
2. Select Tax Tools
3. On the drop-down select Tools
4. On the popup menu
5. Select View Tax Summary
6. On the left sidebar
7. Select Preview my 1040.

Line 37 - Tax owed.

Line 38 - Estimated Tax Penalty

If this does not completely answer your question, please contact us again and provide some additional details.

[givemetaxrelief]

Thanks for your reply.

It turned out that estimated taxes did not cover the extra income that was not anticipated.  Therefore the penalty.

An increase in income could not be known.  One was a Securities Litigation settlement check and the other was from an investment income increase.  No way could I have known either one.  I guess I will have to file a W-4.  Ugh!