TurboTax says I owe money, is there a penalty and is that included?

[TaxLu]

Hi,
I submitted an extension and now able to finish my taxes (hopefully first week of June).  TurboTax says and I owe money and I am waiting to make sure I send in the correct amount. I'm not sure if there is interest I owe or a penalty?

• Do I need to pay a penalty?
• Is it already included?
• Or how do I figure it out? 

Thank you!

[VolvoGirl]

There might be a penalty on 1040 line 38.  That is included in the tax due.  But it is only an estimated amount.  The IRS will send you a bill for any more penalties or interest.  

[rjs · Accepted solution]

There will probably be a penalty and interest for late payment. (The extension is an extension of time to file your tax return, not an extension of time to pay the tax that you owe.)

Pay the amount that TurboTax says you owe, which is the amount due on Form 1040 line 37 on your tax return. It does not include the penalty or interest. The IRS will send you a bill for the penalty and interest. They cannot be accurately calculated until the IRS receives your tax return and payment.

If there is a penalty on Form 1040 line 38, that is for underpayment of estimated tax during the year. It is not the late payment penalty.