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Where does the populated figure in the box "2023 Tax Liability for 2210 Purposes" filled in by Turbo tax come from?

This is under Other Tax Situations -- I have underpaid the last few years
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LindaS5247
Employee Tax Expert

Where does the populated figure in the box "2023 Tax Liability for 2210 Purposes" filled in by Turbo tax come from?

This figure comes from your 2023 tax return information. ‌Form 2210 is used to calculate the underpayment of estimated taxes.

 

The TurboTax program is trying to determine if one of the exceptions to the underpayment of tax penalties is met. 

 

In general, you may owe a penalty if the total you withheld (including estimated tax payments) is not equal to at least the lesser of 90% of your 2024 tax or 100% of your 2023 tax.

 

Also, one of the exceptions to the underpayment of tax penalties is that you do not have a tax liability in the prior year (i.e. 2023).

 

TurboTax automatically generates a Form 2210 if your return needs it.


 


Click here for additional information on Form 2210.

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