Some TurboTax customers are experiencing an issue with Form 2210 not calculating lines 18-26 correctly. If you're experiencing the issue above, please go here to receive email notifications when any updates related to this issue become available.
If you are using the annualized income method, try deleting Forms 2210 (AI) and then revisiting the penalty section by searching for penalty and using the Jump to penalty link. You have the option to have the IRS calculate the penalty. Or you can calculate the penalty, use the annualized income method, or request a waiver. If you have the IRS figure the penalty, they will send a bill and as long as you pay it by the date on the notice, there is no additional interest or penalty charged.
The law allows the IRS to waive the penalty if:
- You didn't make a required payment because of a casualty event, disaster, or other unusual circumstance and it would be inequitable to impose the penalty, or
- You retired (after reaching age 62) or became disabled during the tax year or in the preceding tax year for which you should have made estimated payments, and the underpayment was due to reasonable cause and not willful neglect.
For more information, refer to the Instructions for Form 2210 @Spike11
The above link gives deleting forms instructions for Desktop, this link has Online Instructions.
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