- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
For the underpayment penalty you can elect to to treat the tax withheld as paid when it was actually withheld. I don't understand?
Topics:
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
For the underpayment penalty you can elect to to treat the tax withheld as paid when it was actually withheld. I don't understand?
The best thing to do is to decline Turbotax's offer to calculate a penalty, and let the IRS send you a bill after you pay the taxes. The calculation is almost always off by a few dollars and you end up getting a bill anyway.
Plus, when you get the bill, you can apply for an abatement if it is your first time. (Interest can't be abated, though.)
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*