Question

On Federal "Other Tax Situations" the software shows "2020 Tax Liability for 2210 Purposes". Do they mean 2021 purposes?

Forum|Forum|4 years ago
February 19, 2022
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TurboTax Deluxe Online

No. The 2020 Tax Liability for 2210 Purposes refers to Form 2210, the underpayment penalty form.

Your 2020 tax liability is part of the formula used to calculate the 2021 tax underpayment penalty.

Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller.

Refer to Penalty for Underpayment of Estimated Tax

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