What is Form 2210 or 2210-F?
IRS Form 2210 (Underpayment of Estimated Tax by Individuals, Estates, and Trusts) calculates the underpayment penalty if you didn't withhold or pay enough taxes during the tax year.
Form 2210-F is very similar and is intended for taxpayers and businesses who made at least 2/3 of their gross income from farming or fishing.
We'll automatically fill out Form 2210 or 2210-F if we determine that you didn't pay sufficient income tax throughout the year. The penalty is already accounted for in your tax due or refund amount.
To see if you can reduce or possibly even eliminate the penalty, do a search for "annualizing your tax" (use this exact phrase) while inside your return in TurboTax and then click the "Jump to" link. This will take you to the Underpayment Penalties screen; click Continue and answer the questions to see if you qualify.