As of 1/26/2021 TurboTax tells me I owe an underpayment penalty. The IRS website for form 2210 shows the instructions as "draft" and the form "under review". So how is TurboTax calculating a penalty already?
TurboTax is showing a tax underpayment of $497 which is below the $1,000 threshold which suggests the penalty ($67) is being determined by late payment of taxes. Is TurboTax considering that the government delayed Q1 and Q2 tax payments to 7/15/2020? I overpaid my Q1 and Q2 tax payments on 7/14/2020 to cover Q3 and paid Q4 taxes on 1/14/2021 which is on time. I do not understand the penalty calculation. Please advise.
