Skip to main content
May 11, 2020
Question

Turbo tax is saying that I owe $67 for underpaying on estimated taxes. I paid $4000 and only made $26,682?

  • May 11, 2020
  • 1 reply
  • 0 views
No text available

1 reply

VolvoGirl
Employee
May 11, 2020

You might be able to eliminate it or at least reduce it.  You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you.  It's form 2210.

 

It's under

Federal or Personal (for Home & Business Desktop)

Other Tax Situations

Additional Tax Payments

Underpayment Penalties - Click the Start or update button

 

If you have the desktop program you can switch to Forms Mode (click forms in the upper right (left for Mac)) and open the 2210 form.

 

 

ps....I had a refund once and still had a penalty for not paying in evenly during the year.