Question

I filled out my 2018 taxes last year and only entered W2 info and some student loan interest as well. I am getting a penalty for them and don't understand why. Help?

Forum|Forum|6 years ago
February 1, 2020
1 reply
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TurboTax Deluxe Online

L

linaj20201

What kind of penalty are you speaking about?

R

richastacioAuthor

Specifically a Underpayment one. Not sure how to address this and confused as I simply followed Turbotax's instructions when filling out the form last year and, again, I don't have any special circumstances - had a couple of W2's between me and my wife that I entered, had student loan interest, and took the standard deduction and that was about it.

A

AnnetteB6

If you are seeing an underpayment penalty included as part of your tax return, it simply means that you did not have enough Federal taxes withheld from your W-2 income to pay your taxes.

The Federal income tax system is a 'pay as you go' system, you cannot simply settle up when you file your return without including a penalty if you did not withhold enough.

To read more, see: Why am I getting an underpayment penalty?

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