How to pay estimated tax penalty (line 38)?

Forum|Forum|2 years ago
March 26, 2024
3 replies
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I have an underpayment penalty on line 38 of my 1040. This amount is not included in the "amount I owe" on line 37, correct?

Turbotax generated a payment voucher for the amount on line 37 but not for the amount on line 38. How do I pay this penalty? Do I wait until the IRS bills me for it?

TurboTax Deluxe Online

Best answer by VolvoGirl

The penalty on line 38 IS INCLUDED in line 37 tax due. Check, line 37 should be line 24-33. Then add line 38.

MinhT1

You only have to pay the amount on line 37 of form 1040.

Any estimated tax penalty on line 38 is already included in the amount on line 37.

See this IRS document, page 61.

[Edited 03/26/24 | 11:31 AM PST]

@Daniel_K

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Mike9241

@MinhT1 shouldn't it be line 37, line 38 is penalties only.

DoninGA

Employee

The Estimated tax penalty on Line 38 of the Form 1040 has been included in the federal taxes owed or it reduces the amount of the federal tax refund.

VolvoGirlAnswer

Employee

The penalty on line 38 IS INCLUDED in line 37 tax due. Check, line 37 should be line 24-33. Then add line 38.

Daniel_KAuthor

Thanks all for the clarification! I followed @VolvoGirl's instructions and everything checks out - that is, it seems that line 38 is included in line 37 after all.