Excessive MN Underpayment Penalty Calculated by TT

Forum|Forum|2 years ago
March 1, 2024
1 reply
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TT says I owe underpayment penalty to IRS of $269 even though my liability is only $1,000. TT is clearly miscalculating the penalty so I requested a waiver of that one. It is doing the same thing for the State of MN though. I owe $476 to State of MN for 2023 taxes and TT claims my underpayment penalty is $130. That does not make any sense either. Is there anyway to request a waiver of the state penalty without having to mail it in?

LenaH

Yes. To remove your underpayment penalty from your Kansas return, please follow the instructions below:

Open your state return.
Continue through the screens until you reach the page, A few things before we wrap up your taxes.
Click Start next to Estimated Tax Penalty.
Enter the information on the following two screens.
Answer no for the question, Do you want to use the annual income installment method to try to reduce your penalty?
Answer no for the question, Do you want to include K-210 with your return?
Continue through your return.