Question
Schedule IT-2210 Underpayment penalty calculation error
The Indiana underpayment penalty form (IT-2210) in TurboTax has an error in line 7 as I discovered when I was notified by the state that the penalty amount I submitted was incorrect and I owed more money. Line 7 is for the prior year's tax. However, the form instructions state that if the prior year AGI was greater than $150k for joint filers, the amount entered on this line should be 110% of the prior year tax liability. TurboTax is not making this adjustment, which ultimately changes the penalty amount.
