turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Can someone provide assistance with an underpayment penalty determination that does not appear to comply with the 110% safe haven rule?

Hi, I am looking for some help with an underpayment penalty determination. TurboTax indicates that I owe a $50 penalty even though I have 110% more in withholding and estimated taxes than my tax liability for 2024. I sold a vacation condo in September, which significantly increased my tax liability. Last year I owed $38852 in taxes. For tax year 2025 I had $21,815 withheld and paid estimated taxes in the amount of $21,027 for a total of $42,842 (more than110 percent of the previous year liability). My additional taxes due are about $49,000. I started preparing Form 2210. However, because Part 1 does not ask for estimated tax payments (only withholding), the result is that I may owe a penalty, and it appears I would need to do a lot of further calculations to reduce or avoid the penalty. It seems like I should not open this door based upon the 110 percent safe haven rule. (1) Am I missing something? (2) is there a way to avoid doing all the additional calculations? Thank you.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Can someone provide assistance with an underpayment penalty determination that does not appear to comply with the 110% safe haven rule?

Can someone provide assistance with an underpayment penalty determination that does not appear to comply with the 110% safe haven rule?

Yes.  I did not think this post had gone through.  So, I sent the other post out the next day.

 

Thanks

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question