Annualizing Income

Forum|Forum|1 year ago
March 30, 2025
3 replies
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Hi!!

While preparing my Trust return I was informed that there would be an underpayment of tax penalty which I expected. I followed the directive to finish the return and return to the program to annualize the income which hopefully will lessen the penalty since much of the income is Q3 and Q4. I put all income into a spreadsheet based on the directive but, I have no idea how to get back to the annualization worksheet in the TT program. I called support and I got no where with the agent.

Can someone give me some help getting back to the worksheet in the program to annualize?

Thanks

TurboTax Business Windows

BrittanyS

To get back to the annualization worksheet, you will follow these steps in TurboTax:

Click Other Tax Situations
Click Edit next to Underpayment Penalty
Continue through the interview questions until you get to Annualize Income Method, (Click Yes)
Continue Interview Questions (See screenshot below)

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thomasp5154Author

Brittany

Thanks for the post and solution. It sounds simple and straightforward. Unfortunately, I need a little more hand holding because I don't see "other tax situations". I am in the step by step function and under federal taxes and the "other" tab in the banner but there is no underpayment penalty. It seems I am not where I need to be. Can you offer me some additional help? Many thanks Tp

BrittanyS

I'll be glad to help you further. Can you clarify if you are using TurboTax Desktop or TurboTax Online?

@thomasp5154

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thomasp5154Author

Brittany, Thank you so much. I bought a license from Amazon and downloaded the program with the Ket Code.

kapo1997

Or you can go to view and search for Form 2210, then fill in the information on the Form. Turbo tax will then determine whether you need to pay the penalty based on the information you enter.

thomasp5154Author

Hi Kapo!

Thank you for your help. Since I was at the simple TT table and the directive was to finish the return and come back to complete the table, I should be able to get to that table which the program will then create what is necessary in the Form 2210. I would like to get to that place in the program and go from that point. I had to file a 2210 once in the past and it's a typical IRS form which is complicated. Hoping Brittany has a suggestion.