It is a penalty for failing to pay estimated taxes. We did owe on our return this year and we did file and pay in full on time. My husband has a 1099 job but between us we also have 3 W2 jobs. We have increased withholding on those W2 jobs instead of paying estimated taxes on the 1099 job. Usually that works out fine - one year we had to pay this penalty, but TurboTax correctly identified it that year. This year, Turbo Tax says we don’t have to pay a penalty (I believe because our combined total tax from last year is less than the total tax paid this year, which is one of the reasons given to file a 2210 for reduced/eliminated penalty).
My issues are 1. Why did Turbo Tax not identify this penalty if we do, in fact, owe it and 2. Why can’t I use Turbo Tax to produce the 2210 I need to submit to see if the penalty can be reduced or waived based on a comparison to last year’s taxes?
