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jsu
Returning Member

Hi. I wonder where can I find the penalty fee for underpaid in the turbo tax form that I submit to IRS.

Hi. I wonder where can I find the penalty fee for underpaid in the turbo tax form that I submit to IRS.

3 Replies
Mike9241
Level 15

Hi. I wonder where can I find the penalty fee for underpaid in the turbo tax form that I submit to IRS.

the underpayment of estimated tax penalty is on line 38

 

jsu
Returning Member

Hi. I wonder where can I find the penalty fee for underpaid in the turbo tax form that I submit to IRS.

Thank you so much. 

 

 

VolvoGirl
Level 15

Hi. I wonder where can I find the penalty fee for underpaid in the turbo tax form that I submit to IRS.

Have you filed yet?  It's form 2210

 

If you do not pay enough tax, you may have to pay a penalty for underpayment of estimated tax. Even if you are getting a refund you can still owe a penalty for not paying in evenly during the year.  Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller. It is included in your tax due or reduces your refund.

 

 

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.

 

It's under

Federal or Personal (for Home & Business Desktop)

Other Tax Situations

Additional Tax Payments

Underpayment Penalties - Click the Start or update button

 

If you have the desktop program you can switch to Forms Mode (click forms in the upper right (left for Mac)) and open the 2210 form.  If the 2210 doesn't show up in the left column, click on Open Forms at the top of the left column.  Type 2210 in the search box and open the 2210 form.  Check box C to let the IRS calculate it.

 

IRS form 2210

https://www.irs.gov/pub/irs-pdf/f2210.pdf

 

2210 Instructions

https://www.irs.gov/pub/irs-pdf/i2210.pdf

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