I filled out the underpayment penalty section in Turbotax and it says I owe around $400. But I paid estimated tax payments quarterly last year and I calculated 110% of last year's liability (based on the number Turbotax shows me in that section!) and my total withholding is over that number. Why does Turbotax still say I owe an underpayment penalty?
At first it was even higher because it didn't ask me about the estimated payments - after adding those it reduced down, but is still very high. It seems I can't see form 2210 directly, so I don't know how it's calculating this. Yes my total tax withheld is less than 90% of this year's taxes, but supposedly if you pay 110% of last years (which I did between my W2 withholdings and my own estimated tax payments) the fee should be waived. How do I get Turbotax to take this into account?
@Mocha42
