How does Turbo Tax calculate underpayment penalty?

Forum|Forum|2 years ago
January 23, 2024
2 replies
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Hi,

I knew there is a safe harbor to avoid an underpayment penalty is to:

Aim for "100 percent of your previous year's taxes." If your previous year's adjusted gross income was more than $150,000 (or $75,000 for those who are married and filing separate returns last year), you will have to pay in 110 percent of your previous year's taxes to satisfy the "safe-harbor" requirement.

My question is:

How do I let Turbo Tax know my previous tax?

Thank you in advance for your assistance!

Regards,

Avon

Best answer by DoninGA

Click on Federal Taxes (Personal using Home & Business)

Click on Other Tax Situations

Under Additional Tax Payments

On Underpayment Penalties, click the start or update button

DoninGAAnswer

Employee

Click on Federal Taxes (Personal using Home & Business)

Click on Other Tax Situations

Under Additional Tax Payments

On Underpayment Penalties, click the start or update button

Mike9241

@avonhsu424 if you used Turbotax in 2022, that information should have been imported when you started 2023. you do have to be in the same account as 2022

avonhsu424Author

Hi @Mike9241 ,

I have two Turbotax accounts. How do I figure out what account I used when filing 2022 tax in Turbotax? I used a desktop version (premier on Mac) for filing 2022 tax.

Thank you!

Regards,

Avon