Late Payment Penalty. TurboTax asks you to '"Enter the date you plan to file your return and pay your balance due or April 15, 2020, whichever is earlier" Should be 2021.

[surneb]

The date in your software is wrong. Also, if you choose to NOT annualize your income the software still assumes you are preparing a 2210.

[BrandiLO]

The 2210 form is not yet updated, and this is the reason the date is incorrect at this time. You can check the availability of the federal forms here. 

 

If you’re required to file Form 2210 because one or more of the boxes in Part II applies, you must complete certain lines and enter the penalty on the "Estimated tax penalty" line of your return.

• If you use the short method, complete Part I, check the box(es) that applies in Part II, and complete Part III. Enter the penalty on Form 2210, line 17, and on the "Estimated tax penalty" line on your tax return.
• If you use the regular method, complete Part I, check the box(es) that applies in Part II, complete Part IV, Section A, and the penalty worksheet later. Enter the penalty on Form 2210, line 27, and on the "Estimated tax penalty" line on your tax return.
• If you use the annualized income installment method, complete Part I, check the box(es) that applies in Part II, complete Schedule AI, complete Part IV, Section A, and the penalty worksheet (Worksheet for Form 2210, Part IV, Section B—Figure the Penalty), later. Enter the penalty on Form 2210, line 27, and on the "Estimated tax penalty" line on your tax return.

For more information, please click here.

[JP36]

Brandi,

Has the 2210 issue been corrected?  I keep running the "check for updates" and get the response that I am up to date.    However, when I enter "continue" on my tax review, I keep going around in circles and can't file through turbo tax.  

Are you suggesting that I check the box and let the IRS calculate my penalty or will this problem be resolved shortly so I don't have to file a 2210 with the IRS?

[JP36]

Hi Brandi,

Reread your response and clicked on the link "you can check the availability of the federal forms here" and see it reads 2/25/21.  Does that mean this issue will be resolved by that date and I should "hold tight" on submitting my return until after this date?

Thanks

[AkinaLO]

@JP36 It means that's when the form is tentatively set to become available. The IRS determines when forms will become available.

[JP36]

Thank you for your prompt response Akina.

Can I assume that once the IRS makes the form available, I will be able to transmit my return with the penalty estimated by Turbo Tax without the need to manually enter any additional information?  

[gloriah5200]

Yes, once TurboTax releases the 2210 for paper printing and e-filing on 2/25/2021, you should be able to update the software in your computer and go into the return and update it and then file it with the 2210 calculating any penalties instead of having IRS calculate your penalty and send you a bill.

[TL84]

What should I put for this date if I owe a penalty but I am due a refund that exceeds the amount of the penalty?

[JohnB5677]

Put in the date you plan to file your taxes.

The only reason I can think of that would result in you owing a penalty, and still getting a refund is that you made substantial estimated payments this year (2022) or very late last year.

Regardless, the IRS is going to recalculate any penalty and assess it from your refund.