Federal Form 2210 Underpayment of Estimated Tax is available to file 03/17/2022. What does this mean? Do I have to wait to file until then? How do I pay what's owed?

Forum|Forum|4 years ago
January 25, 2022
2 replies
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My wife is an independent contractor (videographer) under her social and not an EIN. She has not paid quarterly estimated taxes. We have set money aside to pay at the end of the year with our return. Our net return is negative 2,000 and we want to understand how do we pay this and how do we avoid a fee. We were married last year and this is our first time filing jointly.

Most research shows that she has to pay quarterly taxes no matter what but I know people who pay at the end of the year without paying a fee. I'm talking about people who are independent contractors using their social and not ein and there is no business name or entity.

We have the money set aside and we want to make the payment now. Do we need to wait until 03/17/2022 for form 2210 to become available? Do we need to wait to receive a letter from the IRS saying what we owe?

This is her first year as an independent contractor and has not had other taxes to pay in the previous year. Does the safe harbor rule apply here or no?

I appreciate any advice.

Thank you!

TurboTax Self Employed Online

Best answer by JulieS

Yes, you should wait until after Form 2210 is available to file.

Form 2210 is used to determine whether or not you have to pay a penalty for not making estimated tax payments. If you normally get a refund, it is likely that the penalty will be waived with your Form 2210.

As far as whether you have to make estimated payments, it is voluntary, but you may be charged a penalty if you don't.

You should wait until after Form 2210 is available to file your return, but you can pay the taxes sooner if you want to. The IRS has several payment options on their website.

Click here to see the IRS payment page.

JulieSAnswer

Level 15

Yes, you should wait until after Form 2210 is available to file.

As far as whether you have to make estimated payments, it is voluntary, but you may be charged a penalty if you don't.

You should wait until after Form 2210 is available to file your return, but you can pay the taxes sooner if you want to. The IRS has several payment options on their website.

Click here to see the IRS payment page.

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RC519

Level 5

My 2210 did not include my estimated tax payment on 6/14 in the now-modifed period 1and therefore says I have a penalty. I believe TT is fixing this (as they did last year with similar problem). Right now my 2210 for says DO NOT FILE on top and shows a red exclamation point in the forms index and (not done) afterwards ?

I that because the corrected form is not yet available OR does my return have something else going on ?

RC519

Level 5

Just finishing taxes with 2/24 update. Now TT won't take me to 2210 "choices", since I don't have any underpayment which is fine. Oddly it still includes one with state (CT) even tho no underpayment exists. Figure I'll mail it in with return .. just seems weird.

Where do I enter auto-deposit (rtg/acct #) info.. I'm asking specifically for state (CT) which I am mailing in. I had to proceed down the path as if I was E-filing to get it done, didn't see any other opportunity.