Form 2210 is used to calculate any underpayment of estimated tax penalties. Follow these steps to complete the form in TaxWise:
Step-by-Step Instructions
Open Form 2210
Click on 2210 Pg 1 to begin entering information.
Enter the Payment Date
Input the date when the tax due will be paid. Ensure accuracy to reflect the correct timeline for payment.
Select the Applicable Option
Choose the option that best applies to your client. Often, this will be Option F, but review your client’s situation carefully to make the appropriate selection.
Enter the 2023 Tax (if applicable)
If you know your client’s 2023 tax liability, enter it in the corresponding field.
If the 2023 tax liability is unknown, press Ctrl + Space to clear the entry and leave it blank for now.
Additional Resources
For a step-by-step visual tutorial, check it out here: 2210 Completion Tutorial.