Question by SH: I filed my taxes for 2011 using turbo tax. Again I am using turbo tax for 2012.?
I sent the estimated payments that turbo tax suggested for me to pay during 2012 as quarterly payments. Everything was submitted on time and paid. In 2012 I made more money than 2011. While I am filing, turbo tax is saying that there is underpayment penalty. It is saying “there is $ 60 fr underpayment of estimated tax”. Why is this? I paid all the estimated ones suggested by turbo tax from the year before.
I did enter all the payments I sent
Best answer:
Answer by StephenWeinstein
Turbotax’s suggestion was based on the assumption that you would make the same amount in 2012 as in 2011. Because you made more money in 2012, you had to pay more estimated tax to avoid the penalty, but Turbotax did not know that you would make money, so it did not suggest paying more. Next time, don’t follow its suggestion. Do the calculation yourself, using Form 1040-ES.
Give your answer to this question below!
If you are looking for the cheapest prices on turbotax 2012 download click the link. Turbotax is one of the easiest way to prepare your taxes whether you are preparing personal taxes or taxes for your businessI filed my taxes for 2011 using turbo tax. Again I am using turbo tax for 2012.?
Want to buy TurboTax? Check out http://turbotax2012download.net
No comments:
Post a Comment