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jdtizzle1
New Member

Turbo Tax filed and paid my 2023 taxes. Now I have an underpayment penalty of $120. Is Turbo Tax responsible to pay my underpayment penalty under their guarantee?

How can I get TurboTax to assess my 2023 tax filing to determine whether my penalty is due to a mistake by Turbo Tax ?
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2 Replies

Turbo Tax filed and paid my 2023 taxes. Now I have an underpayment penalty of $120. Is Turbo Tax responsible to pay my underpayment penalty under their guarantee?

Taxes are pay-as-you-go. This means that you need to pay most of your tax during the year, as you receive income, rather than paying at the end of the year. The Underpayment of Estimated Tax by Individuals Penalty applies to individuals, estates and trust that don't pay enough estimated tax on their income or you pay it late.

 

https://www.irs.gov/payments/underpayment-of-estimated-tax-by-individuals-penalty

SharonD007
Employee Tax Expert

Turbo Tax filed and paid my 2023 taxes. Now I have an underpayment penalty of $120. Is Turbo Tax responsible to pay my underpayment penalty under their guarantee?

TurboTax guarantees accurate calculations so if they make an error, they will pay you the penalty and interest but limitations apply.  For more information, review the Intuit Terms Of Service For TurboTax Online Tax Preparation Services

 

Refer to the TurboTax article How do I submit a claim under the TurboTax 100% Accurate Calculation Guarantee or 100% Accurate, Exp... for information.

 

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