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April 9, 2022
Question

Redo underpayment penalty section

  • April 9, 2022
  • 1 reply
  • 0 views

I want to redo my underpayment penalty section but I don't see any way to do it. It just takes me to screen that says,

Based on your entries you don't have a penalty for underpayment of estimated taxes.
Do you want to review the estimated taxes topic?

 

How can I make new entries?

1 reply

LenaH
April 9, 2022

To calculate and generate 2022 estimated taxes (1040-ES vouchers), please follow the steps below: 

  1. With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link.
  2. Answer No to the question Do you want to change your W-4 withholdings?
  3. Answer the questions about things like your 2022 filing status, income, and deductions.
  4. Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2022 1040-ES payment vouchers when you print a copy of your return later.
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vidhi0007Author
April 10, 2022

I don't wish to generate estimated taxes but I want to recompute my underpayment penalty. Is their a formula for calculating underpayment penalty?

VolvoGirl
Employee
April 10, 2022

How to add form 2210 for Underpayment Penalty
https://ttlc.intuit.com/community/tax-payments/help/how-do-i-add-form-2210/00/25703

 

It's under

Federal or Personal (for Home & Business Desktop)

Other Tax Situations

Additional Tax Payments

Underpayment Penalties - Click the Start or update button