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Mike-USACPA
Mike-USACPA, Accountant
Category: Tax
Satisfied Customers: 33
Experience:  I am a CPA licensed in Virginia, Minnesota and Wisconsin, and have been working in the tax accounting field for over 10 years.
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I have an extension until Oct 15th, when i submitted the

Customer Question

i have an extension until Oct 15th, when i submitted the extension i paid an estimate of tax, i was short on the estimate and have calculated my penalty to be $23.20 but i can not find in any literature where i enter the penalty on my 1040 tax return,
where do i enter it or how do i pay it if it can not be entered on the 1040
Submitted: 1 year ago.
Category: Tax
Expert:  Mike-USACPA replied 1 year ago.

Hello, I am a US Certified Public Accountant and hope to help as I specialize in US tax.

Expert:  Mike-USACPA replied 1 year ago.

The underpayment penalty is added to the total tax due on the form 1040, line 78.

Expert:  Mike-USACPA replied 1 year ago.

The amount is also reported on line 79 of the 1040.

Expert:  Mike-USACPA replied 1 year ago.

On page 74 of the instructions for form 1040, in the middle column it reads "Enter any penalty on line 79. Add the penalty to any tax due and enter the total on line 78."

Expert:  Mike-USACPA replied 1 year ago.

You can find the instructions here: https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

I hope this helps answer your question and please let me know if I can help in any way. If you do not have any more questions, please rate my response so I know if I have been helpful.

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