Question

Why am i being asked about an additional form to have the IRS calculate pre-paid tax?

Forum|Forum|5 years ago
February 19, 2021
1 reply
0 views

i didnt write down the form number -it may have been 2210 - i have never been asked about this before

TurboTax Deluxe Online

Employee

In general, you may owe the penalty for 2020 if the total of your withholding and timely estimated tax payments didn't equal at least the smaller of:

90% of your 2020 tax, or
100% of your 2019 tax. Your 2019 tax return must cover a 12-month period.

If you owe more than $1,000, Form 2210 comes into play. The IRS does not want to have their money in your hands. They will let you off the hook under certain conditions. Form 2210 is used to determine if you are required to pay an underpayment penalty.

See About Form 2210, Underpayment of Estimated Tax by for the exceptions allowed.

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