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tax penalty

Turbotax computed a tax penalty for me. I was very cafeful to comply with the exemption whereby I paid more during 2020 than my total tax bill in 2019. Can I alter this calculation somewhere in my preparation of my 2020 taxes?

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tax penalty

No, you can not alter this information. Normally, an underpayment penalty may apply if the amount withheld (or paid through estimated taxes) is not equal to the smaller of 90% of the taxes you owe for the current year or 100% of the taxes you owed for the previous year.

tax penalty

if you paid more in 2020 (has to be 110% more if 2019 AGI over $150,000) than your 2019 tax there should be no penalty for underpayment of estimated tax if you entered your payments correctly.  review your input and form 2210 to see what is happening.

 

 

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