Form 2210 or Form 2210-F, Underpayment of Estimated Tax
Form 2210 is used to determine if you owe a penalty for underpaying your estimated taxes and figure the amount of any penalty. If you or your business made at least two-thirds of your gross income from farming or fishing, use Form 2210-F to see if you owe a penalty.
The IRS considers taxes as a pay-as-you-go situation, with taxes either withheld or estimated payments made throughout the year as you earn the money. If the amount of your tax due is a lot more than the total of your taxes withheld plus any estimated tax payments, you could be subject to a penalty for underpaying your taxes during the year.
TurboTax determines if you are subject to any penalties and includes the amount on your return for you. You can also manually use Form 2210 to calculate your penalty (but don't file this Form 2210 with your return).
Entering Form 2210 or 2210-F into TurboTax
After you enter your withheld taxes and any estimated tax payments in TurboTax, we'll determine if you need to file form 2210 and calculate if any underpayment penalties are due.
In TurboTax, jump to the estimated payments area.
- Enter estimated tax, penalties in the TurboTax search box, then press the Enter key
- Click the Jump to estimated tax, penalties link in the search results.
- Follow the prompts and answer the questions to fill-in the form.