My federal tax withholding in 2019 was more than 110% of the total federal tax liability in 2018. This meets the IRS requirement for avoiding a penalty (for higher incomes). Yet, Turbo Tax went ahead and added a penalty. It appears the fault is with form 2210 because this rule is not baked into it; the 90% rule is.
The IRS recently sent me a check for the penalty amount plus interest! 🙂 So I got lucky but not sure about others who might be in a similar situation but the IRS didn't take notice.
This begs the question: why isn't Turbo Tax implementing the 110% rule? Or am I mistaken?
