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cbward
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Turbotax calculation of tax penalty was incorrect. After submitting my taxes, we received a check back from the IRS saying that we over paid on penalty

 
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3 Replies

Turbotax calculation of tax penalty was incorrect. After submitting my taxes, we received a check back from the IRS saying that we over paid on penalty

Good.  That can happen or the IRS can send you a bill for more.  The penalty is an Estimated amount.  Turbo Tax can't calculate accurately because they don't know when the IRS or state will get your return.  

cbward
New Member

Turbotax calculation of tax penalty was incorrect. After submitting my taxes, we received a check back from the IRS saying that we over paid on penalty

Turbo tax submitted my payment so should had used that date to calculate my penalty on payment 

Turbotax calculation of tax penalty was incorrect. After submitting my taxes, we received a check back from the IRS saying that we over paid on penalty

And there are different methods to calculate it.  You might have been able to reduce or eliminate it yourself when you filed.  The IRS refigured it for you.

 

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

 

 

 

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