Form 2210 Line 8, Where to input?

LWarner
LWarner Member Posts: 3 Newcomer
edited December 2024 in Filing my taxes

When doing form 2210 (Underpayment of Estimated Tax by Individuals, Estates, and Trusts), the prior year's tax (line 8) is blank. How do I enter the prior year's tax paid so the form will calculate correctly?

Comments

  • PhillipB
    PhillipB FreeTaxUSA Team Posts: 91

    Hello,

    If the amount calculated for line 8, Part I of Form 2210 is blank, this means that the software calculated that there was no maximum required annual payment based on the information in our system for prior year tax. You can review the information the software used to make the calculation by following these steps:

    1.) Menu Path: Misc > Underpayment Penalty (Form 2210) > Click the continue buttons until you get the screen labeled "Let's get some info from your 2022 tax return"

    2.) With the 2022 return handy (or the 2023 return if you are working on 2024) review the entries on the screen with the items on the prior year return. If there is anything that needs to be corrected, do so and that may adjust the amount on line 8 of Part I for Form 2210.

    Let us know if there are additional questions or concerns.

    Thanks,

    PhillipB TaxPro Agent, FreeTaxUSA

  • rhinoqueen
    rhinoqueen Member Posts: 2 Newcomer
    edited March 4

    Trying to modify form 2210-K because all my investment income hit during the last quarter of the year. I was easily able to make changes to a similar form for the federal taxes and it resulted in zero penalty fees. I want to do the same for my Kentucky state tax return. The auto-fill function seems to have income hitting equally each quarter of the year and that is not what happened in my situation with cap gains hitting hard at the end of the year.

    Anybody know how to change the 2210-K tax form?

  • rachels
    rachels FreeTaxUSA Agent Posts: 101
    https://community.freetaxusa.com/discussion/comment/4635#Comment_4635

    Hi rhinoqueen,

    You can edit your 2210-K information for Kentucky by going to State > Underpayment in your account. I am very sorry, but we don't support part III of Form 2210-K (annualized income installment method) at this time, which is why you are not seeing the option to account for unevenness of your income earning during the year.

  • rhinoqueen
    rhinoqueen Member Posts: 2 Newcomer

    Thank you for answering my question. I was afraid that might be the case. It really is impossible to predict capital gains that will hit at year-end, so it just seems illegal for the state to charge interest in the summer for income that you don't even receive until December.

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