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Level 3
posted Apr 16, 2022 12:43:33 PM

TT charged me underpayment of estimated taxes. My employer withheld less tax. How to delete the form that charges the penalty

In TT, how to add the form for First Time Abatement?.

How to delete the form that charges the penalty?

(TT charged me underpayment of estimated taxes. My employer withheld less tax).

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1 Best answer
Level 3
Apr 16, 2022 2:22:21 PM

Sorry, but I think both of you TT experts are mistaken. I did an annualized estimation of taxes and the penalty was removed.

4 Replies
Expert Alumni
Apr 16, 2022 12:52:26 PM

You don't. If you underpaid your tax, regardless of the reason, you owe a penalty.

Level 3
Apr 16, 2022 12:56:41 PM
Expert Alumni
Apr 16, 2022 1:21:11 PM

The article you shared explains that you will need to contact the IRS in order to request the First Time Abatement.  There is no form to file to make the request.  

 

Because you are requesting an abatement of the penalty, the form calculating the penalty should be filed with your return.  If the request with the IRS is accepted, then your return would be adjusted accordingly.

 

@goodnewsforyou

Level 3
Apr 16, 2022 2:22:21 PM

Sorry, but I think both of you TT experts are mistaken. I did an annualized estimation of taxes and the penalty was removed.