DianeW777
Expert Alumni

Get your taxes done using TurboTax

It depends. There are certain exceptions to the penalty. If you don't meet one of them it's very unlikely that a penalty will be waived for underpayment. Based on your personal situation you can try to explain why your payments were late, I wouldn't discourage it but be prepared that it may be denied.

 

Here are the exceptions to the penalty (Form 2210 Instructions:(  Who Must Pay the Underpayment Penalty

Exceptions to the Penalty: You won't have to pay the penalty or file this form if either of the following applies.

  1. You had no tax liability for 2021, you were a U.S. citizen or resident alien for the entire year (or an estate of a domestic decedent or a domestic trust), and your 2021 tax return was (or would have been had you been required to file) for a full 12 months.
  2. The total tax shown on your 2022 return minus the amount of tax you paid through withholding is less than $1,000. To determine whether the total tax is less than $1,000, complete Part I, lines 1 through 7.
    1. What is Form 2210?
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