Did you have to fill out the full Form 2210 with all the calculations, or did TurboTax handle that for you? That form looks super complicated and I'm wondering if I need to pay extra for that feature.

TurboTax handled all the calculations automatically for me. I didn't have to manually fill out anything on Form 2210. The software asked about my estimated payments throughout the year, and when it detected that I had missed one, it just did the math in the background. You shouldn't need to pay extra for this feature - it's part of their standard tax return preparation. The form is definitely complicated if you try to do it manually, but that's the beauty of tax software. Just make sure you accurately enter the dates and amounts of the estimated payments you did make.

You'll still need to complete Form 2210 when you file. Making a payment now as "balance due" helps reduce further interest from accruing, but it doesn't eliminate the need to calculate the penalty for the period the payment was late. Most tax software will handle this calculation automatically if you enter all your payment information correctly. If you're filing by paper, you'll need to complete the form yourself. The IRS can also calculate the penalty for you if you don't include the form, but they may not apply all exceptions or calculate it as favorably as you might.

I'm in the same boat as you and just made my payment using "balance due" yesterday. My tax guy told me that we'll handle the Form 2210 when filing, and that the penalty won't be huge since my first three estimated payments were made on time. I'll report back after filing to let you know how it went!

This worked for me too! The Marketplace phone reps were way easier to reach than the IRS. Found out they had recalculated my premium tax credit but the updated 1095-A wasn't automatically sent to me. Got the new form and resubmitted without issues.

Thanks for mentioning this! I'm only 20 though, so I guess I wouldn't qualify until I turn 25? That's kind of a bummer.

You're right about the age limitation, unfortunately. The EITC typically requires you to be at least 25 unless you have a qualifying child. However, you should still look into filing returns for any years where you had federal income tax withheld from your paychecks, as you'd likely get that money refunded regardless of the EITC. And keep the EITC in mind once you hit 25 - it can be quite valuable!

Just tried this and got stuck in ID verification hell. Apparently you need a credit card, mortgage, or auto loan to verify online? Guess I'm stuck calling them after all :/

Great point about credits. For 2024, there aren't stimulus payments like during COVID, but depending on your situation, you might qualify for credits like the Recovery Rebate Credit (if you missed previous stimulus payments) or certain educational credits if you were taking classes. Even with zero income, you might qualify for the Earned Income Tax Credit if you had any income at all in the previous 3 years and meet certain other requirements. This is called the "lookback rule" and it's often overlooked.

Thanks for that info! I'd completely forgotten about the lookback rule for EITC. That's definitely something OP should look into if they had income in previous years.

That's actually really helpful - I am planning to apply for some assistance programs and didn't think about needing proof of my (lack of) income. Definitely another good reason to file. Thanks for sharing your experience!

Thanks for mentioning this! The letter does have a notice number (CP504) and there's info about appeal rights. I looked it up and CP504 is a "Final Notice of Intent to Levy" which is freaking me out even more. Does this mean they're about to take money from my accounts?

A CP504 is indeed a legitimate IRS notice and it's basically warning you that they may levy (seize) your assets or tax refunds if you don't address the debt. However, it's not actually the final notice before levy despite what the title suggests. Before they can actually levy your bank accounts or wages, they must send you a "Final Notice of Intent to Levy and Notice of Your Right to a Hearing" (Letter 1058 or LT11) and give you 30 days to request a Collection Due Process hearing. The CP504 is serious, but you still have time and options before any levies would occur. This would be a good time to contact the IRS to discuss resolution options like a payment plan or making a dispute if you believe the assessment is incorrect.

For the "Currently Not Collectible" status, what kind of documentation do they require? I've been unemployed for 9 months and there's no way I can pay my tax debt.