540704
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You have two options -
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.
You have two options -
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.
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
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.
This did work. I was able to have IRS bill me. Prior comments are from 2020, so maybe updated.
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