We can help with that. When you are in your TurboTax return and if you want to complete Form 2210 to see if you can reduce your underpayment penalty you can use the steps below.
- Search (upper right) > type underpayment penalty > Click the Jump to... link > Follow the screen prompts
Here are the exceptions to the penalty (Form 2210 Instructions): Who Must Pay the Underpayment Penalty
Exceptions to the Penalty: You won't have to pay the penalty or file this form if either of the following applies.
- You had no tax liability for 2021, you were a U.S. citizen or resident alien for the entire year (or an estate of a domestic decedent or a domestic trust), and your 2021 tax return was (or would have been had you been required to file) for a full 12 months.
- The total tax shown on your 2022 return minus the amount of tax you paid through withholding is less than $1,000. To determine whether the total tax is less than $1,000, complete Part I, lines 1 through 7.
- What is Form 2210?
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