deshpande_sa
New Member

Turbotax calculated my IRS underpayment is 42$ . Does turbotax file form2210 on my behalf? How do i pay irs 42$?

- Do i need to pay irs 42$ separately. If so what's the process for this.
- Is 42$ already added to the tax i need to pay irs. So i don't have to pay 42$ to irs separately.
- Will irs send me a separate letter with underpayment penalty and then i pay irs - meaning the turbotax calculation of 42$ is just an estimation.
VolvoGirl
Level 15

Get your taxes done using TurboTax

The penalty on line 38 is already included in the tax due on line 37.  You don't have to pay it separately.  It is just an estimate so it is possible for the IRS to recalculate it and send you a refund or a bill for more.  Don't worry about it.  Have you filed yet?

 

If you haven't filed yet, You might be able to eliminate it or at least reduce it. You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you. It's form 2210.

 

It's under

Federal or Personal (for Home & Business Desktop)

Other Tax Situations

Additional Tax Payments

Underpayment Penalties - Click the Start or update button

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deshpande_sa
New Member

Get your taxes done using TurboTax

Thanks a lot for quick response and answering my questions quickly!