Underpayment Penalty

[JohnnyJohnny13]

I'm letting Turbotax calculate my underpayment penalty. But since I'm not annualizing or treating withholding as paid there's no form 2210 being generated. How do I actually see the calculation Turbotax did to come up with the number. Moreover, would this cause me trouble with the IRS should they contest what Turbotax estimated.

[VolvoGirl]

Form 2210 won't be ready until Feb 25. So if it wants you to fill it out you have to wait.  

Federal tax form Availability table

https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-pe...

Before filing,  You can preview the 1040 or print the whole return

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

No problem with the IRS.   But they might calculate it themselves and send you a refund or bill you for more.  Turbo Tax penalty is just an estimate.   

[Mike9241]

since you are not using the annualization method, not specifically allocating withholding and not requesting a waiver of the penalty, the 2210 is not required to be filed. 

[JohnnyJohnny13]

Understood! But how do I then see how TurboTax is calculating the penalty estimate? Is there a way if the form 2210 isn’t generated? I’d like to see if the numbers are accurate. 

[JohnnyJohnny13]

Anyone? How is TurboTax calculating the underpayment penalty if the form 2210 isn’t used? I don’t see a worksheet anywhere when I download all my forms. 

[JohnnyJohnny13]

Actually I think form 2210 exists. I just can't see it as it won't download with the forms (I suppose to prevent me from filing as it's not required). I know this because it shows up in the forms I can delete. Unfortunately I can't download individual forms using the online version *sigh*

[KatrinaLO]

Form 2210 is the IRS form used to determine underpayment penalties. You may need this form if:

• You're self-employed or have other income that isn't subject to withholding, such as investment income.
• You don't make estimated tax payments or paid too little.
• You don't have enough taxes withheld from your paycheck.

We automatically generate a Form 2210 if your return needs it. You can also add the form by following the instructions in this TurboTax FAQ here.