Underpayment Penalty

Forum|Forum|4 years ago
February 13, 2022
2 replies
22 views

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.

TurboTax Premier Online

VolvoGirl

Level 15

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-personal-tax-products/00/26224

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-filing/00/26160

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

Level 15

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.

Mike9241

JohnnyJohnny13Author

Level 2

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.

JohnnyJohnny13Author

Level 2

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.