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Level 3
posted Feb 23, 2025 7:46:02 PM

Underpayment Penalty Not Calculated

I just wrapped up doing my 2024 tax return on TT and I'm pretty sure I owe an underpayment penalty, but turbotax didn't calculate one. My withheld taxes combined with my quarterly estimated tax payments covered 88.6% of my 2024 tax liability and not the 90% the IRS requires.  I don't know why the program didn't calculate the penalty. Any suggestions? Do I need to do it manually?  Does making quarterly estimated tax payments make a difference? Thanks.

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1 Replies
Level 15
Feb 23, 2025 8:06:30 PM

Duplicate question. See the replies to your other post of the same question, and continue the discussion there. Please don't post separate questions about the same issue. When information is scattered in multiple threads it's confusing and hard to follow, and hard to see the whole picture.