Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
Warrior3012D
New Member

Penalty/Interest

Your program added Penalty/Interest when the income was derived in the last days of 2019. I do not pay Penalty/Interest when I have my taxes done. Can your program be altered to remove Penalty/Interest?

3 Replies
DoninGA
Level 15

Penalty/Interest

Use the annualized method in Form 2210 to see if it will reduce or eliminate the Penalty for Underpayment of Estimated Tax - https://ttlc.intuit.com/community/tax-payments/help/how-do-i-add-form-2210/01/25703

TakinMyTime
New Member

Penalty/Interest

You can switch between the "step by step" mode and the "forms" mode and you should be able to take the penalty out of the calculation in the "forms" mode, but be careful that you inserted your dates correctly in your original information section - there could be an error there as to why it calculated the penalty in the first place, and one failure of Turbo Tax is that it does not make changes across the board for you and you have to go back and change your initial information even if you changed the numbers on the form, it's weird the information somehow gets stuck in the "brains" of the program and won't "un-calculate" itself (I know I made up some words) even if you changed it on the form or the balance sheet..... it's maddening until you realize it....

 

Anonymous
Not applicable

Penalty/Interest

the IRS does not know when you earn the money. without submitting the 2210 using the annualized income method, the IRS will assume, just like TT,  that your money was earned evenly throughout the year and bill you for the penalties.  

Dynamic AdsDynamic Ads
Privacy Settings
v