Dear Sir or Madam:
Turbotax is wise and helpful. I have a problem, however, in that it claims I must file Form 2210 “Underpayment of Estimated Tax by Individuals, Estates, and Trusts”. This is so even though Turbotax concludes that Form 2210 states that I owe IRS no underpayment penalty. Turbotax, too, won’t let me e-file because it claims there are errors in my filling out the section on Form 2210.
I suppose Turbotax determined I owed no penalty by its filling out Form 2210 and its Part 1. I did that, too, by hand and found Turbotax to be correct in that there is no penalty.
Turbotax and I disagree, however, in whether I must file Form 2210. Worse Turbortax wants Form 2210 filled out along with quarterly entries of income by dividend, short-term capital gains, long-term capital gains. I have maybe 100 entries from a churning stockbroker that would make this a difficult task.
According to Form 2210, I do not have to file Form 2210 because the value for its line 9 is less than line 6 AND because I filed joint returns for 2021 and 2022. Turbotax somehow thinks that despite no penalty, I need to fill out Form 2210. Also, it wishes I use the annualized method of entering income earned during year.
Earlier I had asked Turbotax to use the “Annualized Income Method”. It appears Turbotax has been unable to update my form with my decision NOT to use this complicated method.
Background information that might be useful. In the section on Underpayment of Taxes and its Underpayment Penalty section, I responded to Turbotax as follows:
2021 filing status: married filing jointly
2021 tax liability for Form 2210 purposes was less than $7000
I did not want to annualize my income
I did not want to treat the tax withheld as paid when it was actually withheld.
I will pay balance due on 2/28/2023
Turbotax concludeds “You don’t ow an underpayment penalty. However, Form 2210 Underpayment of Estimated Tax must be filed with your tax return.”
When I try to correct Form 2210 so that I can efile, Turbotax asks for information or check “Form 2210AI” with, for example, something like “NetLongTermCapGainOrLossAAmt must be entered”
The entries it wishes numbers for are the following:
E-Qual Dividends ____
E-Qual Dividends ____
A-ST Net G(L)
E-Qual Dividends
Line 16
A-ST Net G(L)
A-ST Net G(L)
Line 18
B-LT Net G(L)
B-LT Net G(L)
B-LT Net G(L)
Line 18
Thanks you for your help.
Paul
