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Level 4
posted Apr 7, 2024 7:43:49 PM

Where do i find if i received a penalty fee or not for underpayment on my Federal taxes. where can that penalty amount be found in my return?

Trying to determine if i received a penalty for underpayment of my federal taxes. Not sure if i did.  Thought you do if underpayment more than $1K.

0 6 3406
6 Replies
Level 15
Apr 7, 2024 7:58:17 PM

Check line 38 of your Form 1040.

New Member
Apr 7, 2024 8:07:27 PM

You need to make quarterly payments using the payment vouchers if you make a profit greater than $1,000.

Level 4
Apr 7, 2024 8:09:01 PM

Thanks. Yeah that is grayed out. So i went to form 2210 and that said no penalty because my withheld amount was more than the max required annual payment based on prior year's tax. Cool.  That works.

Level 4
Apr 7, 2024 8:09:53 PM

Or you can have more taken out of pay... raise withholding %.

New Member
Apr 7, 2024 8:12:23 PM

Form 1040-SR row 38 (Amount You Owe) will list the penalty you are paying. Also, the turbotax cover sheet that prints with the tax breakdown has it listed.

Level 4
Apr 7, 2024 8:36:29 PM

Thanks, yeah, not there so wasn't penalized.  Also, form 2210 goes into detail on it.