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Wrong tax penalty

Forum|Forum|7 years ago
June 1, 2019
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My 2015 taxes were only $9618. I had made estimated tax deposits of $51772. I didn't get the $42154 + interest refund until March 22017. Now in 2016 I made deposits of $47186 ( which equals 490% of my 2015 tax) and owe additional $22756.

Since I made deposits well beyond the required 110% of 2015 tax I should not have any penalty for 2016. But, my 1040 line 79 shows a penalty of $409. How do I get that corrected?

TurboTax Home & Biz Windows

Best answer by AnthonyC

If you have been assessed an underpayment penalty, then you can see if you may qualify for an exception to the penalty. Follow the directions below to get to the appropriate section in the program and then follow the prompts to enter the appropriate information for the penalty exception. There will be a line of questioning concerning your 2015 tax liability.

You can review the underpayment penalty section by using one of the following two methods

First, you can perform a search within the program.

Log in and click Take Me to My Return
Use the search icon in upper right hand corner (magnifying glass icon) - if you are using the desktop program, then use the Search Topics icon instead
Search for “underpayment penalty”
Click the “Jump to underpayment penalty” link
This will take you directly to the section of the program where you can review the underpayment penalty and possibly qualify for an exception

Second, you can use a step by step method of getting the to same place above

Log in and click Take Me to My Return
Click Federal Taxes (Personal if in Self-Employed or Home and Business)
Select Other Tax Situations
Scroll down to Additional Tax Payments
Click start/edit next to Underpayment Penalties

A

AnthonyCAnswer

Employee

If you have been assessed an underpayment penalty, then you can see if you may qualify for an exception to the penalty. Follow the directions below to get to the appropriate section in the program and then follow the prompts to enter the appropriate information for the penalty exception. There will be a line of questioning concerning your 2015 tax liability.

You can review the underpayment penalty section by using one of the following two methods

First, you can perform a search within the program.

Log in and click Take Me to My Return
Use the search icon in upper right hand corner (magnifying glass icon) - if you are using the desktop program, then use the Search Topics icon instead
Search for “underpayment penalty”
Click the “Jump to underpayment penalty” link
This will take you directly to the section of the program where you can review the underpayment penalty and possibly qualify for an exception