Turbo Tax 2020 not adding Form 2210 for underpayment penalty

[flemming]

Logic and reason do not apply to form 2210

[ThomasM125]

@johnny_cee Unemployment is taxable just like wage income. You can have taxes withheld from it like wage income as well. So, if you choose not to have the taxes withheld, you may end up with a penalty for late payment of tax, as you would if you didn't have enough income tax withheld from your wages.

[jacklienesch]

Today is February 18, 2021.  So...where is the update to the 2210 form that was promised????

[jaysan0330]

how did you do that?

[JamesG1]

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

Forms availability states that the form will be available February 25.  @jacklienesch

[DocSKH]

Then there is a bug in TurboTax 2021. I paid withhold and estimated tax totaled 110% of 2019 TAX liability. Yet my 2210 still show a $2200 estimated penalty. Anyone has the same problem?

[LindseyLO]

According to the forms availability table that form will be available 2/25.

[greyh]

It's still not available as of 2/21/2021, but the software still says it will happen in "early February".   Can't e-file without it.

[greyh]

also note some confusing terminology: as of 2/21/2021, the Form 2210 is present. But it has a bug, such that it will only allow me to check Box C to have the IRS figure your tax. But then you have file by mail - no e-file allowed. TurboTax already figured the amount of my penalty, but won't let me use it.

[gloriah5200]

There is a procedure to getting new forms into the software each year and getting them able to be e-filed.  The software developers have to wait until IRS releases the form, then the software developers have to put it into their software and send it to IRS to be looked at for forms print approval and e-file approval.  There is a little bit of time involved in it.

However, at this point your choices are as follows:

If you wish to file your return now before the 2210 is available then IRS will calculate your underpayment penalty and bill you for it.

If you prefer to wait until the 2210 is released on 2/25/2021, then you can update your software, update your return and get it ready to be filed calculating the penalty yourself.

It is your choice.

[flemming]

Rest of the story on it's your choice:  For many people like myself who must annualize who actually owe 

nothing; letting IRS calculate a penalty (which they can not possibly do correctly without annualized 

2210 data not available on forms 1099, etc.) means getting YOUR overpaid money back includes filing an amended return tax return with a your form 2210 completed.

Using internet data, correct taxes can be figured now however filing can not be done with way forms

are today in TurboTax.

[greyh]

There is a third choice, which is why it's confusing. Note with your first choice below, TurboTax will only allow you to file by mail. But the form is already there. It's filled out, with the amount of penalty already calculated by TurboTax. It just won't let you proceed without checking the box to have the IRS determine the penalty. Having the IRS But once you print the forms, I guess I could just check the box. 

The other problem is I will only get the 3rd stimulus check if they use my 2020 tax return. On each version of the bill, it's based on which years' returns they have available on the day they process your check. On one version of the bill, if they process the check after my 2020 arrives, it could be delayed 5 months, or a year, or be completely ineligible.

[lynn2008]

When will turbo tax have form 2210 ready to use for underpayment penalty

[DoninGA]

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@lynn2008 wrote:

When will turbo tax have form 2210 ready to use for underpayment penalty

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Form 2210, Underpayment of Estimated Tax is scheduled to be available on 02/25/2021

[Mary6017]

Form 2210 still isn’t available....I mean there’s a draft , they can just update what they need and finalize it . What’s their big deal. I’d like to finish my taxes so I dont have to pay anymore than I have to , right....

Mary