Question

Annualizing

Forum|Forum|1 year ago
March 4, 2025
1 reply
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Hi,

I converted part of my traditional IRA to a Roth IRA in November 2024.

I understand that I need to pay taxes on the conversion, but I also need to pay underpayment penalties because TurboTax assumes that all income is taxed evenly across all four quarters. It used to be that searching for "Jump to annualizing your tax" (or something similar) would take me directly to the section where I could enter my quarterly income and avoid the penalty. But now, the search just brings up a digital assistant with a bunch of unnecessary information.

Does anyone know how to access the annualizing section in TurboTax Premier 2024 (desktop)?

Thanks.

T

ThomasM125

You need to go to the Other Tax Situations section, and find Additional Tax Payments, then Underpayment penalties. You can work through that section and Form 2210 will be populated to allow you to have your underpayment penalties be calculated based on the timing of the receipt of your income.

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