How does Turbo Tax calculate underpayment penalty?

[avonhsu424]

Hi,

I knew there is a safe harbor to avoid an underpayment penalty is to:

Aim for "100 percent of your previous year's taxes." If your previous year's adjusted gross income was more than $150,000 (or $75,000 for those who are married and filing separate returns last year), you will have to pay in 110 percent of your previous year's taxes to satisfy the "safe-harbor" requirement.

My question is:

How do I let Turbo Tax know my previous tax?

Thank you in advance for your assistance!

Regards,

Avon

[DoninGA · Accepted solution]

Click on Federal Taxes (Personal using Home & Business)

Click on Other Tax Situations

Under Additional Tax Payments

On Underpayment Penalties, click the start or update button

[Mike9241]

@avonhsu424 if you used Turbotax in 2022, that information should have been imported when  you started 2023. you do have to be in the same account as 2022

[avonhsu424]

Hi @Mike9241 ,

I have two Turbotax accounts. How do I figure out what account I used when filing 2022 tax in Turbotax? I used a desktop version (premier on Mac) for filing 2022 tax.

Thank you!

Regards,

Avon

[CatinaT1]

This will help: Access your TurboTax Account, there is also a link at the bottom of this article that might help - I received an email about using different TurboTax accounts