Penalties and associated interest are calculated by TurboTax but get waived (eliminated) as long as the new, post-disaster dates are met.
Form 2210 can be used as a worksheet and doesn't need to be filed with your tax return in many cases. It can be used to determine if there is a penalty and you may be able to leave Form 2210 off your return and have the IRS calculate your penalty and send you a bill if there is one.
The top of the form includes a flowchart to help taxpayers decide who must file the form. If you fall into one of the following categories, you're required to figure out the penalty yourself and attach Form 2210 to your tax return:
Those requesting a waiver for part of their penalty
In addition to the rules mentioned above, 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 (tax year 2023 form). Subtract this amount from your total penalty and enter the result on line 19.
See this TurboTax article for more information about Form 2210.
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