topic 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? in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/for-purposes-of-figuring-the-underpayment-penalty-i-may-elect-to-treat-the-tax-withheld-as-paid-when/01/1691600#M110794 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? Thu, 16 Jul 2020 03:32:25 GMT kvilchez123 2020-07-16T03:32:25Z 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? https://ttlc.intuit.com/community/retirement/discussion/for-purposes-of-figuring-the-underpayment-penalty-i-may-elect-to-treat-the-tax-withheld-as-paid-when/01/1691600#M110794 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? Thu, 16 Jul 2020 03:32:25 GMT https://ttlc.intuit.com/community/retirement/discussion/for-purposes-of-figuring-the-underpayment-penalty-i-may-elect-to-treat-the-tax-withheld-as-paid-when/01/1691600#M110794 kvilchez123 2020-07-16T03:32:25Z Re: 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? https://ttlc.intuit.com/community/retirement/discussion/re-for-purposes-of-figuring-the-underpayment-penalty-i-may-elect-to-treat-the-tax-withheld-as-paid/01/1691655#M110798 <P>Take the option that results in less tax.</P> Thu, 16 Jul 2020 03:39:52 GMT https://ttlc.intuit.com/community/retirement/discussion/re-for-purposes-of-figuring-the-underpayment-penalty-i-may-elect-to-treat-the-tax-withheld-as-paid/01/1691655#M110798 fanfare 2020-07-16T03:39:52Z Re: 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? https://ttlc.intuit.com/community/retirement/discussion/re-for-purposes-of-figuring-the-underpayment-penalty-i-may-elect-to-treat-the-tax-withheld-as-paid/01/1691666#M110800 <P>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?</P><P>&nbsp;</P><P>Do you happen to know exactly what time and on what time zone the deadline is today?</P> Thu, 16 Jul 2020 03:41:37 GMT https://ttlc.intuit.com/community/retirement/discussion/re-for-purposes-of-figuring-the-underpayment-penalty-i-may-elect-to-treat-the-tax-withheld-as-paid/01/1691666#M110800 kvilchez123 2020-07-16T03:41:37Z