Solved
TurboTax 2017 is showing a tax penalty even though I have a Federal Refund shown on the summary page.
We are doing a Roth Conversion in the 4th quarter and making an estimated tax payment in that same quarter.
Ok... first that section of the program is not fully operational yet ... and second, since you are making a 4th quarter estimated payment you must use the 2210 annualized method ... again that section is usually not available until sometime in Jan or Feb ...
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 Taxes or Personal (for H&B
version)
Other Tax Situations
Additional Tax Payments
Underpayment Penalties - Click the Start or
update button
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