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How can i override the calculated tax penalty appearing on line 79
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How can i override the calculated tax penalty appearing on line 79
You have two options -
- Log in and click Take Me to My Return
- Use the search icon in upper right hand corner (magnifying glass icon)
- Search for “underpayment penalty”
- Click the “Jump to underpayment penalty” link
- This will take you directly to the section of the program where you can review the underpayment penalty and possibly qualify for an exception
- Log in and click Take Me to My Return
- Click Federal Taxes (Personal if in Self-Employed)
- Select Other Tax Situations
- Scroll down to Additional Tax Payments
- Click start/edit next to Underpayment Penalties
2. You can choose to have the IRS figure out your penalty. Go through the above section for Underpayment Penalty and during that interview, one of the questions will ask if you would rather have the IRS calculate your penalty. Say Yes, and this will override any penalty TurboTax has calculated. If you are liable for a penalty, the IRS will send you a bill for this amount. I would recommend you look through the possible exceptions first.
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How can i override the calculated tax penalty appearing on line 79
You have two options -
- Log in and click Take Me to My Return
- Use the search icon in upper right hand corner (magnifying glass icon)
- Search for “underpayment penalty”
- Click the “Jump to underpayment penalty” link
- This will take you directly to the section of the program where you can review the underpayment penalty and possibly qualify for an exception
- Log in and click Take Me to My Return
- Click Federal Taxes (Personal if in Self-Employed)
- Select Other Tax Situations
- Scroll down to Additional Tax Payments
- Click start/edit next to Underpayment Penalties
2. You can choose to have the IRS figure out your penalty. Go through the above section for Underpayment Penalty and during that interview, one of the questions will ask if you would rather have the IRS calculate your penalty. Say Yes, and this will override any penalty TurboTax has calculated. If you are liable for a penalty, the IRS will send you a bill for this amount. I would recommend you look through the possible exceptions first.
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How can i override the calculated tax penalty appearing on line 79
I would like to do option 2 above, and I have gone through that referenced section (Underpayment Penalties) multiple times, but the Windows version of the product (for tax year 2019) doesn't seem to have an option to have the IRS figure out your penalty. We are using TurboTax Home & Business. Is it somewhere else on the Windows version (as opposed to the web-based version)?
Thanks
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How can i override the calculated tax penalty appearing on line 79
This does not work. I can remove the form but it doesn't recalculate. In addition, there is no option to have the IRS recalculate it.
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How can i override the calculated tax penalty appearing on line 79
This did work. I was able to have IRS bill me. Prior comments are from 2020, so maybe updated.
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