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Level 2
June 8, 2019
Question

Turbotax Deluxe ver 2018 tax is not calculating tax penalty even though I have $50,000 tax due? Is there a problem with the program?

  • June 8, 2019
  • 7 replies
  • 6 views
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    7 replies

    Critter
    Level 15
    June 8, 2019
    It is possible to not have a penalty even if you owe more than $1000  and the program will do the 2210 calculations automatically ... review the return with all the worksheets to see how that is happening.

    Alumni - Champ
    June 8, 2019
    Do you really have $50k taxes due?
    psmAuthor
    Level 2
    June 8, 2019
    Hi no, not that much, but pretty close to it. I paid in full by due date, but paid no penalty as turbotax did not recommend any...
    Critter
    Level 15
    June 8, 2019
    Well again review the underpayment penalty form 2210 worksheet in your PDF.
    psmAuthor
    Level 2
    June 8, 2019
    Hi I checked my return, there is no form 2210 created...that is strange. How can the program not create it? It says I have no penalty due...and I had to pay $50K
    fanfare
    Level 15
    June 8, 2019

    If you had some tax withheld, even if not enough, you may not have any penalty in your situation.

    Critter
    Level 15
    June 8, 2019
    If you did not qualify for the exception to the penalty then rest assured the IRS will bill you later.