In TurboTax 2024, under Personal > Other Tax Situations > Underpayment Penalties, I see that the software is capable to calculate underpayment penalties.
However, In my case TurboTax insists that I don't have Underpayment penalties. Which I find strange because it is already 9/9/2025 and I still have balance of $3,307 under my extension. This balance happened, because when I filed for extension, I underestimated my 2024 tax liability because of 1099-int form that I discovered only now. See screenshot:
1. Are failure-to-pay penalties calculated somewhere else in Turbotax 2024?
2. Is Turbotax even capable to calculate failure-to-pay penalties or I need to wait for IRS to calculate them for me after I file? Asking because balance drops to $0 regardless whether I add another additional payment with 09/09/2025 or 4/15/2025 date through this screen below. Which makes me believe TurboTax does not calculate failure-to-pay penalties at all:
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NO FTP penalty is not calculated. only the 2210 underpayment of estimated tax penalty and penalties on form 5329
NO FTP penalty is not calculated. only the 2210 underpayment of estimated tax penalty and penalties on form 5329
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