Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Why is proconnect calculating an underpayment penalty when I paid 110% of last years tax liability?

Highlighted
Level 3
 
Labels (1)
0 Cheers
1 Solution

Accepted Solutions
Highlighted
Level 15

Then you need to annualize.  Look at Form 2210.  You have to tell the software that the big gain happened in the time frame of the estimate.

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

5 Replies 5
Highlighted
Level 15

Were the estimates made timely?

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
Highlighted
Level 3

No.  One large sale of stock with one large estimate.

Highlighted
Level 15

Then you need to annualize.  Look at Form 2210.  You have to tell the software that the big gain happened in the time frame of the estimate.

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

Highlighted
Level 3

Thank you very much.

Highlighted
Level 15

YVW

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches