It says I have to fill out a "Form 2210: IRS to Figure Penalty Box" or wait for an update in Early February. When is that update expected?

[SamS1]

The form 2210 is scheduled to be released 2/11.  The IRS is not accepting returns until 2/12 so you can wait and still get your return into the IRS on the 1st day of processing.

Here is the listing of form availability in TurboTax

The form 2210 is used to calculate any underpayment penalty.  We are all required to deposit 100% of the previous years tax or 90% of the current years tax to not incur an underpayment penalty.  If you balance due is less than $1000, you will not be charged an underpayment penalty.

[nowi3]

Wonderful, thank you for the reply and clarification.

[nowi3]

Is this still set to be released today? I've gone to my filing review page, and it's still asking me to either choose this option or wait for the "early February update".

[DawnC]

Form 2210, Underpayment of Estimated Tax is not ready yet.   The chart shows a tentative date of 02/18.   There is usually an option that says ''Let the IRS bill me later'' which will skip the penalty entry and Form 2210.   But if you want to get it waived or include it in your return, you will need to wait on the form.  

Underpayment penalties are assessed if you don't withhold or pay enough tax on income received during each quarter.   In fact, it's entirely possible to get hit with an underpayment penalty even though you paid your tax bill in full by the April deadline or are getting a refund.

Example: Joe is self-employed and estimated next year's tax bill at $20,000. Rather than making 4 quarterly payments of $5,000 apiece, he chose to pay $500 in each of the first 3 quarters, and the remaining $18,500 in the fourth quarter.   When he filed, his actual tax bill came to $17,270 and he got a $2,730 refund. However, he got hit with the underpayment penalty because he underpaid his estimated tax in the first 3 quarters.

Tip: To reduce or possibly even eliminate your underpayment penalty,  search for annualizing your tax (use this exact phrase) inside TurboTax. This will take you to the underpayment penalty section and we'll take you through the steps to possibly reduce your underpayment penalty. (If you don’t see Jump to annualizing your tax in the search results, make sure you’re in your return and not on the Tax Home page.)   

[nowi3]

Thanks, the date keeps changing so this is the 3rd time they've pushed the date. 

[sethaadams]

Looks like it's now February 25, 2021.  Sigh.

[jianglai]

The longer we wait the more interest is accrued. TurboTax please update it timely.

[ReneeM7122]

Form 2210 has been updated.  

IRS Form 2210 (Underpayment of Estimated Tax by Individuals, Estates, and Trusts) calculates the underpayment penalty if you didn't withhold or pay enough taxes during the tax year.

We'll automatically generate a Form 2210 if your return needs it. Or you can revisit this section:

Note: You'll need your prior year tax return to answer the questions.

1. Sign in to TurboTax and open or continue your return.
2. Search for underpayment of taxes.
3. Select the Jump to link in the search results.
4. The Underpayment Penalties screen will display the penalty amount. Select Continue to review this section and make any needed adjustments.
   • Note: If you see No Underpayment Penalty, you either haven't entered your income and/or estimated tax payments yet, or you aren't subject to an underpayment penalty.

(Optional) Keep going, and when you get to the Annualized Income Method screen, answer Yes if you want to see if we can reduce the penalty.

If you're having an issue generating the form, it could be a cache issue.

Your browser stores recently visited webpages as temporary files in a cache, which enables the pages to load more quickly when revisited.

However, a full or corrupted cache can cause problems in TurboTax, so sometimes you need to clear your cache (that is, remove these temporary files).

Here are the official instructions for the most popular browsers:

• Google Chrome
• Mozilla Firefox
• Microsoft Internet Explorer 11 (use the drop-down on the upper right corner of that page for earlier versions)
• Microsoft Edge

Apple's official support site doesn't appear to contain instructions for clearing the cache in Safari. Your best bet is to search the Internet for clear Safari cache or similar search terms.

If your cache isn't the issue, it might be best to delete it and start again.

@jianglai

[nowi3]

I have done all that and it still asks me to "Check to have the IRS figure the penalty and send a bill if penalty due" on form 2210 or it says wait for the February update, which is still listed as 2/25 on the TurboTax site. We made/paid more this year than we have any years past, so there should be no underpayment issues or penalties at all. I will continue to wait for the 2/25 update to bypass the need for this form. Thanks though!

[sope]

I have the same issue and am waiting for the 2/25 update.

[ReneeM7122]

You are correct, Form 2210 will be available soon.  According to this link, the projected date is 2/25/2021.

Refer to the Instructions for Form 2210 (PDF) for information on requesting a waiver of the estimated tax penalty.

Refer to Publication 505 for information about federally declared disaster areas.

@nowickis3

[prad00]

Hi

I am also getting the same message "Form 2210: IRS to Figure Penalty Box" or wait for an update in..."

I see the suggestion here is to wait for feb25th SW update,  but I have the following question 

-  I am assessed a underpayment penalty by TurboTax , the TurboTax questionnaire seemed to indicate only  if I am annualizing my taxes then I need to file form2210 , but I still got this message though I opted NOT to annualize my taxes . Can I get a confirmation whether this is an error in the current TurboTax SW and that this feb25th SW update will fix this?

Thanks

[DawnC]

It is not an error.  There is usually an option that says ''Let the IRS bill me later'' which will skip the penalty entry and Form 2210.   But if you want to get it waived or include it (whether or not you use the annualized method) in your return, you will need to wait on the form.    The only option to e-file without the form included in your return is to let the IRS figure the penalty and bill you later.  If you choose that option, they won't charge you interest on the penalty if you pay by the date specified on the bill.   @prad00

[prad00]

For some reason my 2019 tax did not go through this form 2210 questionnaire at all and I did pay the penalty then as well! (Seems TT has some update this year??)

Just to confirm I undertsand your response-If I am paying underpayment penalty along with the  return  I will need feb25th SW update , so  my fed return includes this form2210,  without showing the error message  - correct ??

And are we sure the SW update is happening on Feb25th , there were few dates on this thread mentioned but TT SW update never got released it seems?!

Thx