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New Member
posted Apr 13, 2024 9:30:08 AM

WHAT IS A FORM 2210 AND WHY IS IT COMMING UP ON MY RETURN

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2 Replies
Expert Alumni
Apr 13, 2024 9:36:25 AM

TurboTax evidently believes that you had an underpayment of estimated taxes.

 

You are required by the IRS to not only pay X amount of taxes by the end of the year, but also to have paid them over the course of the year.

 

Form 2210 is used to see if you should pay a penalty or maybe get a waiver.

Level 15
Apr 13, 2024 9:38:41 AM

If you do not pay in enough tax from withholding and estimates, you may have to pay a penalty for underpayment of estimated tax. Even if you are getting a refund you can still owe a penalty for not paying in evenly during the year. Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller. It is included in your tax due or reduces your refund.


You might be able to eliminate it or at least reduce it. You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you. It's form 2210.


It's under

Federal or Personal (for Home & Business Desktop)

Other Tax Situations

Additional Tax Payments

Underpayment Penalties - Click the Start or update button