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pjf1974
New Member

Turbotax gave me an underpayment penalty, but I should not have one since per the IRS rules since I paid 100% of my prior years tax as estimated paymentsDoes Turbo tax have a place to check mark that, that I have overlooked?

To reduce underpayment you can fill in the first three quarters of income separately and the expenses of those quarters.  Since my income is investments, that would be more time consuming to figure out then doing the taxes by hand as in the past. Or you can look at form 2210 line 8 and then fill in the “2017 Tax Liability for 2210 purposes,” so where do I find 2210 to fill out for line 8 answer?  Did I miss something?  This is my first time at Turbo Tax.
1 Reply
Rachel_W
Level 4

Turbotax gave me an underpayment penalty, but I should not have one since per the IRS rules since I paid 100% of my prior years tax as estimated paymentsDoes Turbo tax have a place to check mark that, that I have overlooked?

To visit the section where you can go through possible exceptions to the penalty, follow these steps:

  • Login to your return and click "Take Me To My Return"
  • Click "Search" in the upper right corner of your screen, then type "underpayment penalty" in the Search Box and click "enter"
  • Click the "Jump To" Link
  • From here, you can review the underpayment penalty and work through the possible exceptions
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