I am limited by my small amount of earned income to less than the $7000 max contribution, however these funds I'd contribute to the Roth IRA are tax free anyway.  Would there be some IRS penalty for the amount overfunded? ... View more

I have a refund coming. I use Home & Business CD/Download version on Windows (for MANY years) and prepared 4868 but decided to file Extension/4868 online. Logged into my Intuit account and input the data for Extension just now; you only input 2 amounts: what you expect to owe, what you've paid, and TT calcs what you should send in.  For me it's zero as I way overpaid.  Next step was to review input - name, address, SSN, but you don't get to see a PDF of the filled out form to be transmitted to the IRS until AFTER it is submitted to the IRS.  Last step is to download and view/print.  I was shocked to see: Instead of '0' printed on line 6 for "balance due" which was calculated properly in my PC version, the online version printed the difference, which is a negative number/less than -0- , as a POSITIVE number and put it on line 6 as Amount Due!!   How can I trust TurboTax at all if it can't be trusted for a simple calculation with two numbers?  Since the result is less than zero it should print zero.  So now my extension says I have a large amount due, and that I'm sending in nothing.  I hope this doesn't cause problems with the IRS.  I did report it and got a case # but the representative wasn't concerned at all.  Has this happened to anyone else? Should I mail in a correct copy or does it not matter since the Extension was submitted and once I file it's obvious I don't owe. ... View more

We sold a rental property Aug 2021 and will owe Cap Gains tax.  Also withdrew from 401K in 2020 and had 18% Fed tax withheld --the witholding exceeds 100% of last year's AGI. Is it necessary to make a Q4 ES payment to cover the estimated tax due on capital gain from sale of rental? (still trying to compute cap gain.)  Or am I covered per Safe Harbor rules. Would I absolutely need to fill out form 2210 and annualize to avoid a Penalty for underpayment of estimated tax if I don't make a Q4 payment, or is the 100% of 2020 AGI already paid in, enough at this time.  Also, I might owe some penalty for not paying estimated tax on the sale back in Q3 (about 40 days worth) but not clear on this. ... View more