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New Member

Turbo Tax miscalculation?

Turbo Tax calculated my estimated taxes for 2021 while preparing my 2020 taxes.   It was supposed to calculate 110% of my 2020 taxes... which it says would be $14,165.   But line 24 of Form 1040 says my total tax for 2020 was $15,041.   Something is wrong there... 


I paid the estimated taxes that Turbotax suggested of $14,165 for the 2021 year, and now I owe an underpayment of estimated taxes penalty of $43 because I didn't pay 110% of my 2020 taxes!      What gives?

4 Replies
Level 15

Turbo Tax miscalculation?

@sclocke6 -  I am shooting darts here, but just some thoughts: 


while you paid the $14, 165 (and I am assuming that is the total for the year), did you pay 1/4 of it no later than the due dates of June 15, Sept 15, Jan 15 and April 15?  


Look at the math on Form 2210 and see whether your 2020 tax was pulled correctly onto Line 8.


Look at form 2210 Underpayment Worksheet, it will show how the $43 was calculated.  Can you see what happened?  

New Member

Turbo Tax miscalculation?

Yes, I now see where that $43 was coming from.  I had to go into the "open forms" to see the actual 2210 (it's not in the list of forms otherwise).   That showed me in detail how everything was calculated.



Level 15

Turbo Tax miscalculation?

if you look at the actual instructions for the 2210 certain taxes and certain credits are not includable on lines 1, 2, 3  (current year)  and 8 (prior year) 

New Member

Turbo Tax miscalculation?

Yep..... that's where I messed up.  

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