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March 21, 2025
Question

Can I reverse TT imposing a tax/fee on my return. I owe taxes on my 2024 1040 because I had more income than last year and they are wrongly including a tax/penalty.

  • March 21, 2025
  • 1 reply
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1 reply

VolvoGirl
March 21, 2025

On 1040 line 38?

You might be able to eliminate it or at least reduce it.  You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you.  It's form 2210.

 

It's under

Federal or Personal (for Home & Business Desktop)

Other Tax Situations

Additional Tax Payments

Underpayment Penalties - Click the Start or update button