Yes, you can request the waiver now with your tax return. If you meet the qualifications for the penalty waiver, then you do not need to include the amount with your return. TurboTax will remove the penalty based on the information entered in the form.
To generate form 2210 select the following:
- Other Tax Situations
- Underpayment Penalties
The underpayment may be avoided if:
- You paid 90% of the tax that you owe for the current year.
- If the current taxes paid are equal to 100%, (110% for higher incomes) of your taxes owed the prior year.
- The IRS also says you can probably avoid the penalty if the amount you owe is less than $1,000.
- To avoid this situation, it's recommended that you adjust your W-4 with your employer, or pay estimated taxes.
For more information see, Guide to IRS Tax Penalties: How to Avoid or Reduce Them.
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