For purposes of figuring the underpayment penalty, I may elect to treat the tax withheld as paid when it was actually withheld. Do I want to do this?

My Federal Tax Return increases when I click "yes." I'm not quite sure what the difference is between tax withheld and tax paid in this scenario?

posted

Connect with an expert

2 Replies

For purposes of figuring the underpayment penalty, I may elect to treat the tax withheld as paid when it was actually withheld. Do I want to do this?

Take the option that results in less tax.

For purposes of figuring the underpayment penalty, I may elect to treat the tax withheld as paid when it was actually withheld. Do I want to do this?

If I choose the option that results in less tax, but I end up needing to pay that difference after July 15, 2020, won't I get charged interest for that difference?

Do you happen to know exactly what time and on what time zone the deadline is today?

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post

Expert does your taxes

Do it yourself

Resources

Support

For purposes of figuring the underpayment penalty, I may elect to treat the tax withheld as paid when it was actually withheld. Do I want to do this?

For purposes of figuring the underpayment penalty, I may elect to treat the tax withheld as paid when it was actually withheld. Do I want to do this?

For purposes of figuring the underpayment penalty, I may elect to treat the tax withheld as paid when it was actually withheld. Do I want to do this?

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

For purposes of figuring the underpayment penalty, I may elect to treat the tax withheld as paid when it was actually withheld. Do I want to do this?

Do you have an Intuit account?

For purposes of figuring the underpayment penalty, I may elect to treat the tax withheld as paid when it was actually withheld. Do I want to do this?

For purposes of figuring the underpayment penalty, I may elect to treat the tax withheld as paid when it was actually withheld. Do I want to do this?

Unlock tailored help options in your account.

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert