I owe a underpayment penalty, but it won't let me pay that now and it keeps flagging form 2210. At the top it says that I need an update in Feb. When/what will that be?

[HelenC12]

I checked the forms availability list and it shows that Form 2210, Underpayment of Estimated Tax, will be available sometime on 2/11/2021. We are waiting for the IRS to finalize and give us approval to update our software. Please revisit TurboTax at a later time. 

IRS Form 2210 (Underpayment of Estimated Tax by Individuals, Estates, and Trusts) calculates the underpayment penalty if you didn't withhold or pay enough taxes during the tax year.

In general, you may owe the penalty for 2019 if the total of your withholding and timely estimated tax payments didn't equal at least the smaller of:

1. 90% of your 2019 tax, or
2. 100% of your 2018 tax. Your 2018 tax return must cover a 12-month period.

[afsroki]

On the officially released Form 2210 for 2020, Line 15  "15 Multiply line 14 by 0.01744 . . " is the same in the draft version available in my copy of Turbotax (not able to cut and paste it).  However, my spreadsheet calculates the amount on line 15 differently.  My spreadsheet gets $8.39 for $481 times .01744; my draft version of Form 2210 shows $16.

Although I assume that I am horribly confused as my spouse seems to think or that the issue will be corrected with the soon to be released update, if I am correct in this case, perhaps by accident, then anyone in too much of a rush to wait for the update could force an incorrect number into the final refund or payment calculation that could set of a round of interesting communications with the IRS.

I look forward to someone from Turbotax replying.

[JoannaB2]

Yes.  The form 2210 may not be finalized yet by the IRS. For the meantime, you may trouble shoot Form 2210 on your return,. The accuracy of the return plays a major role on every individuals income tax return.

1. On the upper right hand of the screen, click Federal Review.
2. Click continue, and Turbo Tax is checking for accuracy or errors.
3. The next screen "Ok looking good, but before we move on", at the bottom, under Federal icon, it will say "#'s of details for you to review, if there is..
4. Click each details and edit or fix the error.
5. Once done, go back to Federal Review to check if it's ready to e-file.

[afsroki]

The version of  Form 2210 that appears on the IRS.gov website currently shows the year "2020" and does not indicate that it is a draft (unlike the instructions which are still in draft status).

My in-process Turbotax income tax return indicates that I have one concern or error and that concern or error is the status of Form 2210.  Otherwise, my return is free of errors or concerns.

It appears to me that the previous version of Form 2210 (year 2019) in my current version is in error on Line 15 as $481 times .01744 is not $16.  That can be corrected in an update prior to the IRS finalizing Form 2210 Instructions or Turbotax finalizing Form 2210 for 2020.

I will wait for Turbotax to finalize Form 2210 and update me on it.

Of the other users of Turbotax, some will force the penalty entry and end up communicating with the IRS.  A few others may be saved that experience by checking with this community and checking to be certain of the math before they file an incorrect return.

Also, people at Turbotax may be especially sensitive about Line 15 of Form 2210 for 2020 as the 2019 version, for whatever reason, appears to have a problem.

[sheri2020]

too bad that we are incurring penalties each day.  will NEVER buy TurboTax again!

[gloriah5200]

The Form 2210 is currently scheduled to be available on 2/25/2021.

If you need to file your return now without it, then IRS will have to calculate your penalties and bill you.

If you can wait until the 2210 is available in the software on the 25th of February, once it is released, you can update your software and then update your return and calculate your penalty yourself and then file your return.

[mtbhrb]

"We’ll search more than 350 deductions and credits, so you can be
confident your taxes are done right. Get your taxes done right for less —
file by 2/28 and get our lowest price of the year."

Feels a little off to be offering this early discount, but the product isn't even completed until 3 days before that.

[CarissaM]

You can pay for the product prior to filing, to receive the early filing discount. 

If you need to speak with a representative by phone, please click here. 

[bwsdabx]

I am getting the same error as others and it is March 17. I am getting an error message that the sum of the 4 columns doesn't equal total withholding for the year but there are only 3 columns and no way for me to update.  I can't complete my Federal tax return with it currently  like this. When will Turbo Tax correct this?

[KatrinaLO]

Please see the information provided in the TurboTax FAQ here for assistance with Form 2210.