If you see this error, enter any value in the boxes indicated. This will force the Form 2210 to calculate. Then, select the Tools option on the left menu, and then Delete a form. Delete Form 2210 and run the review again. The error should be gone and Form 2210 will be removed from the return.
I don't understand the suggestions in this forum to delete the form to get around the problem. I need to submit the form 2210 and annualized my income.
why can't Turbotax read the right values that I have entered in the interactive form of "Underpayment Penalty". Turbotax is changing my values and I am $73 short in the total federal tax withholding ($73 dollar is not a rounding error). The interesting part is that when I print the form, the values in the printed form is actually correct but I am not able to fix this issue for e-filing my forms.
Can someone please advice how to resolve this issue?
Wording is tricky, but the first field is asking you for TWO quarters of info and the second and third field are asking you for ONE. So your info should look like this:
Total taxes. Total should not exceed your tax amount (ex: $5,000)
Other Tax Situations / Additional Tax Payments / Underpayment penalties.
Answer Yes when asked if you want to Annualize Withholding.
Enter the total withholding at the screen Tax Withholding by Quarter. The screen tells you the total dollar amount that must be entered in the four boxes.
I even deleted the 2210 and also all other wages except our W2s. The total withholding does not match up to the total withholding of my W2s. And it differs by a few hundred i.e. not a rounding issue.
This is very frustrating. I have rather variable salary as there is a bonus component which might vary considerably. Feast or Famine level. So I want to enter my quarterly.
If you earned more of your income towards the end of the year, the annualized method should help.
For the annualized method, you start with the first quarter and continue adding for each quarter until the program handles the 4th quarter since that is the total for the year.
I put in quarterly amounts and you can see how the program creates an annualized income for each quarter. Next, input the tax withheld as the total for year to date. Since you are entering the information, I don't understand how it is rounding so oddly.
Since you are on desktop, you can switch to FORMS mode and look at the forms. You will see a section for capital gains as well. Go through the forms and look for errors.
The blue boxes are the data we enter. The black boxes are what the program calculates.
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We had this problem too (2023 taxes). Here's how I unraveled the discrepancy - Click over to Forms, and on Form 2210, look at Part I, Line 6. That's the total federal withholding number they are using (which didn't match my 4 quarterly totals). Double click that number and a worksheet will pop up showing how they calculated your Federal Withholding. In our case, we discovered it was including Additional Medicare Tax that we paid as part of the total federal withholding.