Use IRS Form 2210 to see if you owe a penalty for underpaying your estimated tax. In TurboTax Online, access the form at Federal / Other Tax Situations / Your uncommon tax situations / Additional Tax Payments / Underpayment Penalties.
Form 2210 Instructions state:
Who Must Pay the Underpayment Penalty
In general, you may owe the penalty for 2021 if the total of your withholding and timely estimated tax payments did not equal at least the smaller of:
1. 90% of your 2021 tax, or
2. 100% of your 2020 tax. Your 2020 tax return must cover a 12-month period.
This test is made in Part I of IRS Form 2210 which can be viewed at Tax Tools / Print Center / Print, save or preview this year's return.
The IRS will generally figure your penalty for you and you should not file Form 2210. You can, however, use Form 2210 to figure your penalty if you wish and include the penalty on your return.
There are some situations in which you must file Form 2210, such as to request a waiver.
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