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March 5, 2021
Question

I have made wrong entry in the column of last year tax paid how can I amend it in the tax return that i am filing now

  • March 5, 2021
  • 1 reply
  • 0 views
I can find where I made this wrong entry

1 reply

KathrynG3
March 6, 2021

Form 2210 would include an entry for last year's tax paid. To return to this section in your return, in the search box enter underpayment penaltySelect the Jump to link in the search results and answer the questions.

 

This will get you to the screen 2019 Tax Liability where you can update your entry.

 

The IRS assesses penalties and interest if either 90% of the current year tax or 100%(110% if your income is above $150,000) of the prior year tax were not paid. 

 

The purpose of Form 2210 is to "annualize" your income and reports when the income was earned. This is useful if it was earned unevenly through the year so any penalties or interest charges are minimized.

 

The government assumes income was earned evenly throughout the year. Without adjustment, the IRS expects to receive tax payments throughout the year. They are allowed to assess penalties and interest if those payments are delayed or did not occur.

 

For more information: How do I add Form 2210?