Is there a way I can exclude the underpayment penalty from the tax due (to IRS on the Federal return)? I wanted to just pay them the amount owed, and let IRS figure out the penalty and bill me later. But when completing the turbotax worksheets, the amount owed that keeps showing up on top of the screen already includes the penalty. I wonder if (and how) I can manually back that out, if possible. Thank you..
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at the very top of the Form 2210 worksheet in Turbotax there is box C. which if checked does exactly that - the IRS will bill you for the penalty
Seems as if you are referring to the Estimated Tax Penalty. Go to the Form 2210 worksheet.
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