2210 Calculation

[Dan]

Question:  I am wondering about what should go in Form 2210 line 8?  The Drake program automatically puts in 17,306 but I think it should be less than that.  The instructions for line 38 say on page 60.  In regard to the exceptions, you won't owe the penalty if your 2021 tax return was for a tax year of 12 full months and either of the following applies.  "For most people, the tax shown on your 2021 return is the amount on your 2021 Form 1040, line 24 (17,306) minus what is listed on line 30 (2,800) equals 14,506.  So, I would say that the amount that should go on form 2210 line 8 is 14,506.  I don't know how to change this in Drake.  It is easy in ATX.   

[jklcpa]

It's still early in the season and perhaps Drake isn't calculating this correctly and needs to make a program update.

Have you checked the Drake forum to see if anyone else is reporting the same or similar problem?

For populating the 2210 and/or the state equivalent, Drake picks up the prior year federal and state tax amounts from screen 1 that should have been created during the rolling forward of data from '21 to '22. If you are sure that the return filed did show that amount on line 30 and you would like the program to use the lesser amount of $14,506 on the 2210, you can change it to that amount at the bottom of screen 1 within the program. That is the screen that has the TP's name and address on it.

[Dan]

Thanks, jkicpa for your information.  It worked.

 

[Catherine]

Glad it worked. First thing to check is the prior year fed/state tax on Screen 1, for sure.