Get your taxes done using TurboTax

Ok so I finally took the time to go through some of the posts and try out a few experiments .  And yes form 2210 yes is very messed up and still remains unfixed. But their error are so bad that  TT also has screwed up the Underpayment Penalty worksheet as well so that in certain cases the two screw ups cancel can each other out.

They 100% DO NOT account for Using  the 2020 refund being applied to the Q1 estimated taxes on form 2210 . But magically a payment  from the 2020 refund does get applied to the Underpayment penalty worksheet .

Below is a fictional case after messing around with some numbers when trying to calculate some fake penalties to see what TT would do

In this example

Form 2210 line 10 A is set at $49,431

Form 2210 Line 11 A -is set  INCORRECTLY show $43963  of total first quarter taxes paid and does not factor in the $3500 applied from last years refund.    Box 11 SHOULD be $47463

So after the subtraction Form 2210 line 17 says the underpayment that is owed is $5468 which is $3500 to high .

But when you go and look at how TT transfers  this  information  to the underpayment calculation worksheet.

Line 17 and line 10 transfer over as is to the Required installment and  underpayment section

But then magically a line for the $3500 from the previous years taxes is also transferred some how on top of the incorrect number from box 11A . Now the correct underpayment of  only $1968  is what is used to calculated interest on and not the incorrect value of $5468 . So Form 2210 is wrong bu them penalty in the end is correct in this case.

At this point  I have no faith in turbo tax fixing any of this ... Maybe we can file a class action law suite and charge them for all of the false underpayment penalty's