Calculating underpayment penalties for state taxes in Maryland

Forum|Forum|1 year ago
April 1, 2025
1 reply
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For 2024, my income was concentrated to the beginning of the year as was the Maryland withholding. For my Federal return TurboTax allowed me to enter the actual quarterly tax payments to reduce the underpayment penalty, but I can't do the same for Maryland in the form 502UP. As a result I'm showing a huge interest penalty for a small underpayment. I'd like to enter the actuals for quarterly withholding on the 502UP form. Is there some way to do that?

AmyC

Employee

Follow these steps:

Select yes to underpayment calculation
select yes to underpayment interest
select to use the annualization method.
Continue.
Enter the first 3 quarters of income

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ChipAmAuthor

Thanks AmyC, but the screens in your reply don't show up in my version. I was able to resole the issue though by going to Forms and entering the withholding data manually. It took a couple of tries to get the right data in the right places, but it did eliminate the interest charge on my return.