Question

Transfer 2020-2023 data to completed 2024 tax return to populate Tax History. All files are on the same PC

Forum|Forum|1 year ago
March 26, 2025
1 reply
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Employee

The Tax History information has to be carried from year to year by transferring information from the previous year each time that you start your tax return for a new year. If you broke the chain by starting a new tax return without transferring from the previous year, there is no way to automatically transfer the information now. But you can fill in the Tax History Report manually in forms mode.

K

kent37Author

Thank you.

I asked the question because TurboTax has calculated an underpayment penalty of my 2023 Federal estimated taxes. I think this is because my 2023 data was not found when I downloaded and installed Turbo Tax 2024 Premier.

I selected the option of 110% of my 2023 taxes to calculate my 2024 estimated taxes. I have always used this option and have never been assessed an underpayment penalty for the few times I underpaid my estimated taxes.

Should I override the penalty Turbo Tax calculated prior to filing my 2024 Federal taxes?

J

JotikaT2

You should not override the penalty calculation, but you can try to annualize your tax to see if that helps reduce the penalty. Please see this link for guidance.

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