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June 4, 2019
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If I have filled an extension and didnt pay anything that I owed yet, is the turbo tax amount accurate than?

  • June 4, 2019
  • 2 replies
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Best answer by VolvoGirl
But if the extension showes an amount you didn't pay make sure it not showing as a payment on line 70!

To check it go to
Federal Taxes (or Personal for H&B/Self Employed version)
Deductions and Credits
Then scroll way down to Estimates and Other Taxes Paid
Other Income Taxes - Click the Start or Update button

Next page second section Payments with Extension

2 replies

VolvoGirl
VolvoGirlAnswer
Employee
June 4, 2019
But if the extension showes an amount you didn't pay make sure it not showing as a payment on line 70!

To check it go to
Federal Taxes (or Personal for H&B/Self Employed version)
Deductions and Credits
Then scroll way down to Estimates and Other Taxes Paid
Other Income Taxes - Click the Start or Update button

Next page second section Payments with Extension
June 4, 2019
What is "on line 70"?
Employee
June 4, 2019

Not quite, because you will owe interest.  TurboTax will not calculate the interest, though.  When the IRS receives your return they will calculate the interest owed and bill you.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Employee
June 4, 2019
and you may owe an underpayment penalty.