Penalty underpayment

[jpepderver09]

Hi,  TT is indicating that I have a $50.00 charge for underpayment of estimated taxes. The form 2210 under penalty worksheet makes absolutely no sense to me in that, it's stating that payments were late. All my payments were mailed before the quarterly due dates. They have even charged me for the last quarter which was due by april 2022 when I paid it early in 2021. What gives?

[BillM223]

"They have even charged me for the last quarter which was due by april 2022 when I paid it early in 2021."

Actually, the 4th quarter payment was due January 18, 2022; did you mean that you paid it in early 2022?

So what were the dates on which you mailed these quarterly payments?

[jpepderver09]

Hi, I made the first payment on 4/7/21, second payment 6/8/21,  third payment 9/6/21 and fourth payment 12/22/21. 

[BillM223]

Yet, there are also positive numbers on line 17 showing an underpayment for one or more quarters?

What you may need to do is show us a screen shot of your 2210 with any personally identifiable information redacted.

[Mike9241]

while you made estimated tax payments, the requirement to avoid penalties is that timely estimates + withholding (1/4 to each quarter is the default) must equal 90% (22.5% per quarter) of 2021 tax or 100% (110% if 2020 AGI is over $150K) of 2020 tax

[jpepderver09]

thanks, got to figure out how to redact.

[BillM223]

If you have Windows Paint, you can to a screen capture (usually with the PrtSc button) and then open Paint and Paste to it. You will see the ability to place colored or black boxes over text in Paint. Save the result as a .jpg or .png and then insert the image file into your post using the picture icon.

[jpepderver09]

thank you!