Official COVID-19 (Coronavirus) and extension thread

[Oscar Zilch]

I requested and was granted a 2019 federal extension in March, 2020. I made no payment with the extension request, even though I knew I had a liability. I am now making that payment on 7/15/20. When I file my 2019 return in October 2020, will I show that 7/15/20 payment as a payment made with extension or as an estimated payment? Thanks. 

[mg20079]

I'm using the CD/windows version. And am aware I'm not late but as I was reviewing my info ready to file, there is a late penalty showing up. I did start this prior to the Covid extension, so should I just scrap this and start over? I also updated the program online as well.

[VolvoGirl]

No that's not what it is for.

If you do not pay enough tax, you may have to pay a penalty for underpayment of estimated tax. Even if you are getting a refund you can still owe a penalty for not paying in evenly during the year.  Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid 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. It is included in your tax due or reduces your refund.

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.

[mg20079]

I had been on and off work for a physical injury and collected from disability Insurance. they deducted federal taxes only on 1 portion of my time off. So I owe more than $1000 that was not estimated or planned. With the Covid extension I should be able to pay the full amt due without penalty or late fees if payed by July 15. Correct me if I am wrong. That is what I have been reading even on the IRS site and Tt. I did see form 2210 tried changing it but it continued to give me a $48 penalty. uggghh!

[VolvoGirl]

You can leave it off of your return and let the IRS bill you for any amount.  Line 24 is just an estimated amount.  In the Desktop program in Forms there is a checkbox to not include it.  I can try to post a screen shot.  And maybe the IRS won't ever bill you.

[mg20079]

I didn't put it there, Tt does and I can't get rid of it.

[mg20079]

I didn't put it there, Tt does and I can't get rid of it.

[VolvoGirl]

I know.  It is automatic.  Since you have the Desktop program, switch to FORMS.  Then click on Open Forms at the top of the left column.  Type 2210 in the search box and open the 2210 form.  Check the box I highlighted and it will remove it.  

[mg20079]

I found that and checked the box but Tt continued to put a $48 penalty on my summary and forms. Now what?

[VolvoGirl]

It didn't zero out 1040 line 24?  It did for me.  Is the $48 on another line?   Maybe it's a penalty for something else.  

[mg20079]

Thank you for your help. I tried doing it again and it finally took the penalty off. I think I'm good now 🙂

[taxsea12]

I got rejected for an extension, but made a payment through Intuit's portal.

Is my payment going to go through? I need to know if I should resubmit it on the IRS's website instead.

Thanks.

[DRWurtz]

MA state filing and payment deadline is delayed to 5/17/2021 but TurboTax still requires both by 4/15/2021 in the state tax dialogue in order to file.   MA state made this change on 03/19/2021.  Please correct this in the program coding.