Question

Why is Turbotax charging a Virginia underpayment penalty when I made timely estimated tax payments covering more than 90% of my Virginia tax liability?

Forum|Forum|5 years ago
February 15, 2021
1 reply
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TurboTax Self Employed Online

When did you make your timely estimated payments? Virginia extended the 2019 filing deadline to November 1, 2020 but did not change the deadlines for estimated tax.

The first installment payment was due May 1, the second by June 15, the third by September 15 and the last by January 15, 2021. Payments made after each of those dates would be moved into the next quarter. For example, if you used the IRS filing deadline of July 15, all the payments would be credited to the September 15 (third) period.

Related Resource:

Form 760C instructions

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J

jashepard1

Est. payments made to Virginia on April 13, August 14 (for June and September), and Dec. 3. I paid late for June , but early for September, so why the penalty of $13.

T

ThomasM125

You would not get any special credit for the early payment for the September payment. If you were late paying the June tax due, then you could get penalized even if you paid the September payment early.

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