HopeS
Expert Alumni

Get your taxes done using TurboTax

If you paid your 1st, 2nd and 3rd estimated tax on time then you should not have an underpayment penalty for those Qtrs. For the 4th Qtr Estimate, I suggest you mail the 4th Qtr payment voucher in with a STATEMENT that payment is late due to an extension provided for taxpayers affected by the storm. 

 

Please see below  information regarding requesting a penalty waiver:

 

Those requesting a waiver for part of their penalty

In addition to the general rules, there are a few other ways to have your underpayment penalty waived:

  • Age 62 or older and retired or disabled. If you're age 62 or older and retired or disabled, you can ask to have your penalty waived for reasonable cause. Reasonable cause includes financial hardship or losing your physical or mental control over your faculties.
  • Circumstances beyond your control. If you experienced an unusual event that prevents you from making estimated payments, you might qualify for an underpayment penalty waiver. Examples of qualifying circumstances include a grievous illness, damage to your home in a disaster, or fleeing domestic violence.
  • Federally declared disaster. If you live in a federally declared disaster area, you qualify for an automatic underpayment penalty waiver.

if you're requesting a penalty waiver due to any of the above situations, enter the amount you want to be waived in parentheses on the dotted line next to line 19 (the tax year 2022 form). Subtract this amount from your total penalty and enter the result on line 19.

Then, attach a statement to your tax return explaining why you were unable to make the required estimated payments. You may also need to attach documentation, such as proof of retirement, disability, illness, or damage to your home.

 

Also, review the following link:

 

Form 2210

 

@Squeeky2 

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