2482539
I just completed entry of info into TT Deluxe 2021. Upon navigating to the section showing the tax amount I owe to the IRS, TT shows an underpayment penalty even though my timely total estimated and withheld tax payments is greater than 90% of my total tax amount. Checking into form 2210, TT is still showing payment due dates in part III from 2020 year.
You'll need to sign in or create an account to connect with an expert.
You are correct that you should not have a penalty if your Estimated Taxes Paid and Withholding are 90% of your tax due.
Make sure your Estimated Payments and Withholding are correct, and go through the interview to see if you qualify for an exception to the penalty.
However, since we can't see your return in this forum, and this is not a known issue in TurboTax, click this link for more discussion on Underpayment Penalties that may help you.
Then let me report this as an bug/issue. Did you look into the form 2210 in the program? Not only does it show 2020 payment due dates instead of 2021 dates but the amounts on lines 10 and 11 are wrong and do not reflect the correct figures as entered in the program. See attached screen shot.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
cseals07
New Member
csktx
Level 1
dbe2022
Level 3
memoody8
New Member
TaxedOutThe
Level 1