How to change the date used to calculate underpayment penalty?

[johndagostino1958]

I originally put a filing date of 4/15/2025 in as a placeholder.  I believe this date is used to calculate underpayment of estimated taxes.  Now I want to file earlier, like march 15, and I want to update the filing date, but I cant.  if I edit the underpayment penalty section in Your uncommon tax situations,  It only shows me the penalty that has already been calculated based on 4/15 but won't allow me to update the filing date to lower the penalty.  :(

Is there a way?

[MonikaK1]

The calculation of the underpayment penalty is based on the dates the taxes were paid. The IRS levies underpayment penalties if you don't withhold or pay enough tax on income received during each quarter. Even if you paid your tax bill in full by the April deadline or are getting a refund, you could still get an underpayment penalty.

Record any additional payments you make in the Federal section under Deductions and Credits, in Additional Payments, which is under Estimated Tax Payments. Once you have entered all of your payments in the Federal section, then revisit the Form 2210/ underpayment penalty section if needed.

In TurboTax Online:

1. Go to Deductions & Credits
2. Select Estimated Tax Payments
3. Click Start or Revisit next to Federal estimated taxes for 2024
4. Scroll down to Additional Payments
5. Enter the Date Paid and Amount Paid

[VolvoGirl]

You might be able to eliminate it or at least reduce it.  You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you.  It's form 2210.

It's under

Federal or Personal (for Home & Business Desktop)

Other Tax Situations

Additional Tax Payments

Underpayment Penalties - Click the Start or update button

If you have the desktop program you can switch to Forms Mode (click forms in the upper right (left for Mac)) and open the 2210 form.  If the 2210 doesn't show up in the left column, click on Open Forms at the top of the left column.  Type 2210 in the search box and open the 2210 form.  Check box C to let the IRS calculate it.

The underpayment penalty amount Turbo Tax calculates on your 1040 or state is only an estimate.  Turbo Tax can not figure it accurately because they don't know exactly when the IRS or state will get your return and tax due payment.  It's very common and normal and expected for the IRS or state to bill you for more or send you a refund.