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Greg7
Level 2
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  • Solved Re: Underpayment Penalties

    See Dawn's explanation above. TT does not have the programming done yet to calculate underpayments. That programming should be done later in February.
    Greg7
    Updated Feb 04, 2022

  • Solved Re: Underpayment Penalties

    Thanks Dawn, that explains it. I wasn't aware of the availability chart. That sounds like a good thing to check.Cheers,Greg
    Greg7
    Updated Feb 04, 2022

  • Solved Re: Underpayment Penalties

    Yes, the payments I made were calculated by TT to avoid any tax penalty regardless of how much I owed at tax time. However, since I didn't pay the 4Q payment, t...
    Greg7
    2
    Updated Feb 04, 2022

  • Solved Re: Underpayment Penalties

    Hi Leonard, you are certainly correct, but that is not the case here. I have a quarterly tax liability of 16,000/4 or 4,000 per quarter.Q1 cuml tax liability 4,...
    Greg7
    4
    Updated Feb 04, 2022

  • Solved Re: Underpayment Penalties

    Hi Mike, thanks for the quick reply. The quarterly payment dates and amounts are entered correctly and TT is picking them up correctly. I looked at Form 2210, w...
    Greg7
    Updated Feb 04, 2022
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