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On state part, page that says Penalty for underpayment of Estimated Tax. says 'Enter your tax liability from your 2018 Kentucky return'. But I did not file 2018 taxes. What do I do?
I am getting a underpayment penalty for 2020. I am also getting back a refund. I have paid my estimated taxes this yer. Could this be a Turbotax program error???
I am getting an underpayment penalty even though I paid 99% of my taxes due in my quarterly estimates. TurboTax is filling in form 2210 incorrectly.
Last year it checked the part II box A correctly and added 80% Waiver.
There seems to be an error in Turbo Tax. Can we please fix this as I am not the only one with this issue.
When will the IRS mail out the underpayment penalty? I have already filed but have not paid what I owe yet. Will they send out penalty after I have paid what I owe?
If you pay your tax due without the underpayment penalty, you will receive a notice asking you to pay the penalty within 6 to 8 weeks.
Thank you!!! 🙂
I don't see a way to override the penalty that TurboTax calculated. If I follow the instructions below, it doesn't ask me whether I'd rather have the IRS calculate the penalty. It just adds whatever it calculated to the amount I owe. How do I know it calculated it correctly?
TurboTax calculates the underpayment penalty and interest based on IRS guidelines. It is based on the amount that you owe, and the date you say you're going to make the payment. The IRS will recalculate it once your return is accepted.
The amount Turbo Tax calculates on your 2020 return 1040 line 38 is only an estimate. Turbo Tax can not figure it accurately because they don't know exactly when the IRS or state will get your return and tax due payment. It's very common and normal and expected for the IRS or state to bill you for more or send you a refund.
Is there a way I can omit the penalty when I e-file through Turbotax and just wait for the IRS to bill me later?
I know you can in the Desktop program. I saw a post saying you can in the online version but I think you only can bypass it using the Desktop program. For Online go through the 2210 and see if there is a question to let the IRS calculate it for you.
It's under
Federal or Personal (for Home & Business Desktop)
Other Tax Situations
Additional Tax Payments
Underpayment Penalties - Click the Start or update button
I'm using desktop Deluxe, not Home & Business, and there's no question about IRS calculating it for me, just a statement showing what the penalty is. They should allow the user to let the IRS calculate it, especially since form 2210 calculates it to be lower than what Turbotax figures. Or at least show how Turbotax calculates it.
Never mind. I see where they allow IRS to calculate penalty. It's later in the process.
Thanks for your help.
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