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Level 2
posted Jul 1, 2019 9:31:11 AM

TT generated 2210 based on IRA Conversion in December

In December 2018 I decided to make a large conversion from my Traditional IRA to my Roth IRA. I also paid the estimated tax on the conversion as my 4th qtr estimated tax payment. There had been no underpayment as the income only occurred in December and I have a significant refund due because I overpaid. The 2210 indicates that there was a serious underpayment because it doesn't include the estimated tax payment I made. How can I handle this? 

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1 Replies
Level 15
Jul 1, 2019 10:28:03 AM

Review the 2210 penalty section and complete the Annualized Income screens to reduce or eliminate the penalty ...

 

It's under
Federal Taxes or Personal (for H&B version)
Other Tax Situations
Additional Tax Payments
Underpayment Penalties - Click the Start or update button