Help!
I completed my 2022 Federal return and TT told me there was a 253 underpayment penalty. I went back to see if I could enter the witholding when it was actually paid to see if could annualize and perhaps reduce it.
Now TT has generated a larger penalty and is asking me for the amount entered on form 2210 Line D, which I do not have. How do I stop TT from asking me this question?
If you are a TurboTax Online customers you cannot see your Forms unless you pay the fee which is not refundable.
Then TurboTax closes your return and you have to reopen it to continue, which is ridiculous.
the penalty comes from Form 2210 so it must be part of your tax return.
See "List of Forms".
I need to get back to the original 2022 tax liability TT generated, prior to any penalty. A penalty of 253 was caculated originally. I played around with trying to annualize the witholding, now cant get back to that screen to clear out anything that I may have entered by mistake, or left incomplete. TT has now calculated the penalty as 697. Why?
How do I back up and clear out the penalty/2210 screens - and have TT recalculate the correct penalty?
We have paid 90% in withholding of the 2022 tax liabilty, but unevenly.
If your income that you entered was higher in the first quarters of the year, then it would make your penalty higher since you owed more taxes for a longer time. Also, if you paid more in the end of the year instead of the beginning of the year, again, you owed more that would accumulate interest and fees for a longer time throughout the year than if you paid more in the beginning and less in the end of the year.
To get back to the form, you will select Other Tax situations>>Estimated Taxes>> Underpayment Penalty