You'll need to sign in or create an account to connect with an expert.
The underpayment penalty is assessed if you did not pay enough tax throughout the year, either through withholding or by estimated tax payments.
For more information, refer to Publication 505, Tax Withholding and Estimated Tax. or the instructions to Form 2210 for waivers allowed.2019 Instructions for Form 2210
You reply correctly stated that there is no penalty for underpayment if one pays at least 90% of what one owes by Jan 15. Why, then, does Turbo Tax calculate a penalty when I clearly made the 90% threshold.
roygo
Did you pay your tax through estimated payments? Were they paid on time?
If you don't pay enough tax through withholding and estimated tax payments, you may be charged a penalty.
You also may be charged a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
NNGAL
Returning Member
erikaeriga
New Member
koonsup
New Member
tf35sc
Level 1
cbward
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.