You may be able to eliminate or reduce the underpayment penalty by processing IRS form 2210.
The penalty is computed on IRS form 2210 and can be computed by the regular method or the short method.
Follow these directions to access the interview questions:
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Other Tax Situations.
- Scroll down to Additional Tax Payments, click the down arrow.
- Click Start/Revisit to the right of Underpayment Penalties.
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