Do I have to check any box on the Check This Entry section for the IRS to figure a penalty?

If you owe a penalty, you will have the option for the IRS to compute the penalty for you.  The form 2210 will not be available in TurboTax until 2/25.  Since you owe tax it is not due until 4/15.  If you wait till 2/25, TurboTax will calculate the penalty and you can pay it with you balance due.

There are some exceptions to this penalty that you may qualify for if you meet any of these requirements:

• You paid in 90% of your 2020 tax liability (90% of line 24)
• You paid in 100% of your 2019 tax liability during 2020 (or 110% if your AGI is over $150,00)

To visit the section where you can go through possible exceptions to the penalty, follow these steps:

• Login to your return and click "Take Me To My Return"
• Click "Search" in the upper right corner of your screen, then type "underpayment penalty" in the Search Box and click "Find"
• Click the "Jump To" Link
• From here, you can review the underpayment penalty and work through the possible exceptions

The pandemic has affected your taxes in many ways. Including reporting in TurboTax the amount of stimulus money you received. Click Here for more information on how the Pandemic affected your 2020  taxes.