Underpayment Penalty

fengle — Thu, 10 Feb 2022 20:21:54 GMT

On my 2021 federal tax return in Turbotax, it said I owe a $7 underpayment penalty. A screen came up that asked if I want to pay that penalty at the same time I pay my taxes due, or if I want the IRS to figure the penalty and bill me later. I indicated I want to pay the penalty at the same time I pay the taxes due. All good so far.

But when I finished entering my tax info and Turbotax reviewed my return to make sure everything was ok, one thing keeps getting flagged. I get taken to a screen that shows the Form 2210 and it says I have to either check a box that says IRS will bill me later for the underpayment penalty or I have to wait to file until updates are available sometime in February.

The only way I can get past that screen and get Turbotax to indicate that my return is OK to file is if I check the box to have the IRS figure my penalty and bill me later. When I check that box, the tax amount due box at top left corner of the screen goes down by $7. But…..I do NOT want the IRS to bill me later. I want to pay my taxes due in the next few days and have that $7 underpayment penalty be included in what I pay.

What are these updates Turbotax is saying I have to wait for? Is it an update to the Form 2210? How long is the wait? Again, I want to pay taxes due and penalty at same time, and do it soon. Please advise. Thanks,

Re: Underpayment Penalty

Texas Roger — Thu, 10 Feb 2022 20:29:41 GMT

Form 2210 is estimated to be available on 2/17/22. You must wait until it is available to pay the estimated penalty. Here is a link to track forms availability: https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

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Underpayment Penalty

Re: Underpayment Penalty