TurboTax Form 502 & 502UP

Forum|Forum|2 years ago
April 17, 2023
1 reply
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Good Morning!

I have posted several questions, but the system has yet to notify me via email as it typically does when it receives and responds to a post.

Why am I being penalized on Form 502UP for $44.00, and did I not fail to file a tax return? I did not have the problem last year.

Respectfully,

BAdams

Best answer by tmunoz

MARYLAND Form 502UP Underpayment of Estimated Income Tax by Individuals is generated when you do not have enough withholding or estimated tax in the year.

To avoid an underpayment penalty, you need to make sure either that the total amount of estimated taxes you pay during the year equals at least 90 percent of what you owe in taxes for the current year or 100 percent of what you owed in taxes last year.

To confirm your tax due to a particular state, you can view a Tax Summary by clicking on Tax Tools, on the left menu

Select Tools
Then select View Tax Summary, first on the list under Helpful Links. This will show basic information about the return.
At the top it will list Tax Summary for federal or the name of the state, if it is a state Tax Summary
On the left you can select the summary for the state you wish to verify the amount of tax due

The example below is for Virginia but all of the states have the same format.

tmunozAnswer

Select Tools
Then select View Tax Summary, first on the list under Helpful Links. This will show basic information about the return.
At the top it will list Tax Summary for federal or the name of the state, if it is a state Tax Summary
On the left you can select the summary for the state you wish to verify the amount of tax due

The example below is for Virginia but all of the states have the same format.