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New Member
posted Feb 16, 2021 5:18:38 PM

Can i get rid of form 2210 "underpayment of estimated tax" . i have nerve had this form pop up. i have a rental and a 1099misc.

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1 Replies
Expert Alumni
Feb 16, 2021 5:41:48 PM

Yes, you can.  Underpayment penalties are assessed if you don't withhold or pay enough tax on income received during each quarter.    You can choose to have the IRS figure out your penalty.  Go through the 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.    You won't need to wait on Form 2210 to be finalized.

 

However, if you want to waive the penalty, you will need to wait for the form to be finalized,  currently scheduled for 02/25.