How do i record the $4000 i paid to IRS on 4/18/2018 for 2017 tax extension?

[yelsink]

turbo tax is really making me mad.

it is trying to add penalties that I don't owe.

also, I paid $4000 on 4/18/18 for 2017 tax for extension. How do I include this on this tax return?

[xmasbaby0 · Accepted solution]

PAYMENT WITH EXTENSION

Did you enter the payment you made into your tax return?  Go to Federal>Deductions and Credits>Estimates and Other Taxes Paid>Other Income Taxes  This will show up on line 70 of your Form 1040

[VolvoGirl]

If you do not pay enough tax, you may have to pay a penalty for underpayment of estimated tax. Even if you are getting a refund you can still owe a penalty for not paying in evenly during the year.  Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller. It is included in your tax due or reduces your refund. It is on 1040 line 79 or 1040A line 51.

You might be able to eliminate it or at least reduce it.  You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you.  It's form 2210.

It's under
Federal or Personal (for Home & Business Desktop)
Other Tax Situations
Additional Tax Payments
Underpayment Penalties - Click the Start or update button

Ps.....I once had a penalty when I had a refund for not paying in evenly during the year.

[yelsink]

thank you very much.