TurboTax is still not correctly calculating the following on Form 2210 as of 2/26/2021:
1. The tax computations on schedule AI, line 14 column (a), (b), and (c) are incorrect if you have qualified dividends. Specifically, on my return Turbotax is incorrectly applying exactly a -12% tax rate to my qualified dividends when it should be a +15% tax rate. This error results in estimated quarterly taxes that are lower than they should be by 27% of qualified dividend income.
2. IRS instructions for Form 2210, Line 11 state "Any overpayment from your 2020 return applies to your 2021 estimated tax payments. Generally, treat the payment as made on April 15, 2021." Instead Turbotax incorrectly fails to apply the prior year refund to any quarter in Form 2210.
3. Line 7 schedule AI incorrectly excludes amounts on line 12(b) of form 1040. However, Turbotax does implicitly include the amount on line 12(b) in the estimated tax calculation.
As of Feb 22, the following appear to be fixed:
FIXED: When using the annualized installment method, line 10 column (a) in part 3 of form 2210 is supposed to be equal to schedule AI line 27 column (a). Instead, it was equal to line 27 column (a) + line 27 column (b).
FIXED: Self-employment tax on line 15 of schedule AI was incorrectly also included in line 16, resulting in a double-counting of self-employment tax and a line 17 column (d) total tax that incorrectly exceeds the total tax shown on form 1040 line 24.
