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New Member
posted Jun 24, 2020 1:25:29 PM

I thought all tax penalties were being waved this year because of COVID 19. Does this apply to underpayment of taxes for 2019?

I was assessed an estimated tax penalty on my 2019 return.

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2 Replies
Level 15
Jun 24, 2020 1:27:53 PM

The Penalty for Underpayment of Estimated Tax was never waived for tax year 2019.

IRS Tax Topic for the penalty - https://www.irs.gov/taxtopics/tc306

 

If you didn't pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding and estimated tax of at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller. 

 

See this TurboTax support FAQ for using the Form 2210 - https://ttlc.intuit.com/community/tax-payments/help/how-do-i-add-form-2210/01/25703

Level 15
Jun 24, 2020 5:20:12 PM

More wishful thinking.