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My tax liability is $79,744 and I have paid in $71,227. Therefore, I should only owe $8517 but TurboTax is telling me I need to pay $9775?
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If you have a penalty on 1040 line 38. 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.
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Federal or Personal (for Home & Business Desktop)
Other Tax Situations
Additional Tax Payments
Underpayment Penalties - Click the Start or update button
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