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htb14
Returning Member

Estimated tax penalty calculated... from where?

After filing there is an estimated tax penalty calculated on line 24 of the 1040.  After review, there is no 2210 anywhere within the downloaded PDF of my documents. So... where is TT calculating this penalty from?? 
I went ahead and paid it at the time of filing assuming that things were done properly. 

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Accepted Solutions

Estimated tax penalty calculated... from where?

If you save all of the forms in your tax file as a PDF, you will find that penalty listed on both your Tax Summary and your Return Summary.

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8 Replies

Estimated tax penalty calculated... from where?

If you save all of the forms in your tax file as a PDF, you will find that penalty listed on both your Tax Summary and your Return Summary.

Estimated tax penalty calculated... from where?

Save a PDF of the return WITH all the worksheets to see the calculation ... it will not be on form 2210 ...

 

To get a 2019 PDF with all the worksheets prior to 10/31/2020 …

When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state.  

This will take you back to the 2019 online tax return.

 

Click on Tax Tools on the left side of the online program screen.  Then click on Print Center.  Then click on Print, save or preview this year's return.  Choose the option Include government and TurboTax worksheets

Estimated tax penalty calculated... from where?

If you had asked before you filed we could tell you how to fill out the 2210 to reduce or eliminate the tax penalty. 

Estimated tax penalty calculated... from where?

And since you said you paid it......you know it was included in the tax due on line 23, right?  You didn't add it on again yourself when you paid.

htb14
Returning Member

Estimated tax penalty calculated... from where?

@VolvoGirl And? The point is I paid a "penalty" that TT calculated with zero documentation of the calculated penalty. 

Estimated tax penalty calculated... from where?

Just wanted to make sure you didn't add it into your check when you paid.  It was already included in the tax due.  It just sounded to me like you may have added it or paid it separately.

pbattish
Returning Member

Estimated tax penalty calculated... from where?

I got my RMD on October 13th 2019. my total taxes were $12745 for 2019 and I paid $11000 as estimated tax in the 4th quarter 2019. why I was charged $221as estimated tax penalty since my whole distribution was in 4th quarter and I paid my estimated tax in 4th quarter? 

Estimated tax penalty calculated... from where?

Why ???   Because you did not have the money withheld from the RMD and have it reported on the 1099-R form.     When you owe more than $1000 on the return  the program will compute an estimated underpayment penalty and then ask you if you want to complete the 2210AI to reduce or remove  it.  So if you choose to not complete that section the program just let the estimated penalty stand.   

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