Hello,
In May 2024 IRS notified me they made a change to 2023 form 1040, and refunded an underpayment penalty of $306.This was reduced because of a presidentially declared disaster area. Where do I enter that on the 2024 taxes?
Thank you very much,
Iris
You do not need to enter this anywhere on your tax return. Underpayment penalties aren't deductible, so you did not take a deduction when you paid it. Now, you are receiving a refund for the payment, and you do not need to claim any income for the refund.
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