croegner
New Member

Get your taxes done using TurboTax

How do I correct an error in the TurboTax calculation that assessed an estimated tax penalty of $6 on this years  1040-SR, line 38?   $2,000 of my 2019 tax overpayment was applied to my 2020 tax liability and excess estimated tax payments were made during the year (once when I converted an IRA amount to a ROTH and again in the 4th quarter when I received a fairly large one time capital gain). 

This years Withholding and Estimated Payments have resulted in a 2020 overpayment exceeding $4,000 and I am again applying $2,000 of the overpayment to our 2021 tax liability.

 

What is the basis of the TurboTax estimated penalty calculation for 2020?