2210 Totally Wrong
Client files 2020 tax return 2/25/21. Overpayment of $2,550 applied to 2021.
Client sends estimated payments of $3,850 on 6/15, $3,200 on 9/15 and $3,200 on 1/15
Required 2021 installments shown on Form 2210 Part III line 10 are:
4/15 $3,149 6/15 $3,149 9/15 $3,149 1/15 $3,148
ProSeries shows 0 on line 11 column a. Should be $2,550
PS shows 0 on line 15 column a. Should be $2,550
PS shows $3,149 on line 17 (underpayment amount). Should be $599.
Line 17 columns b, c and d should all have zeros now as his $2,550 2020 overpayment plus the $3,850 payment on 6/15 exceeds the total required payment for 4/15 and 6/15.
Line 18 (overpayment) columns b and c should show overpayments of $102 and $153 respectively but are blank.
HOWEVER, the Underpayment Penalty Worksheet does correctly calculate the $599 underpayment penalty correctly for the period of 4/15 through 6/15 of $3.
Basically, everything showing in Part III is completely wrong.
