Is my 2021 Estimated Tax too low? Is Turbotax incorrectly applying the Max Self-Employment Tax deferral?

[LBrand]

Fantastic! So glad to hear I didn't mess things up too terribly. 🙂

Thanks for your speedy response!

[Dwight8]

i have a different issue with estimated calculations using tt home and business.  each of my 2021 quarterly tax payments were in excess of 110% of both my 2020 total tax and 2021 total tax, but it still says i have a underpayment penalty of $42? 

it keeps coming up as a error when i run error check??  is it because the form 2210 is not current?

is there any situation where you still are underpaying even if you exceed 110% of both the 2020 and 2021 total tax bill??  my income was very uneven over the year, but my payments all exceeded 110% of both 2020 and 2021 total tax due so i didn't think my higher income quarters have any impact?  

if i just surrender and pay the underpayment penalty so i can get my taxes turned in, is that a red flag when it shows underpayment (even though i've clearly not underpaid)??   the penalty is insignificant, but i'm not sure of the ramifications of throwing in the towel and paying the penalty even though i know i didn't under pay?  seriously irritated, any help would be appreciated.

[ThomasM125]

The amount of estimated tax you pay will factor into your penalty for late payment of tax, but so will the timing of those payments. You need to pay your tax in evenly for each quarter if you are relying on your tax from the previous year to determine your estimates.

Also, you can work through the underpayment penalties section in TurboTax under Other Tax Situations if you want your penalty to be calculated based on the timing of your income stream and estimated payments during the year. That would be your best option to reduce the penalties you are facing.

[wlush4142]

I did not receive state estimated tax vouchers.  I did 

receive federal tax vouchers. I need 4 state estimated vouchers. How do I print them out. I will be penalized if I don't have them.

[JulieS]

The state estimated vouchers are generated in the state tax return. You will find them near the end of the state interview.

If you need additional help with your state vouchers, reply back with the name of your state and we can provide more specific advice.