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March 25, 2025
Question

Estimating taxes to prevent penalty

  • March 25, 2025
  • 1 reply
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TT estimated my 2024 taxes which I paid April June Sept and January but still owed taxes so was penalized. How do I avoid this and pay 100%

    1 reply

    March 25, 2025

    There are some situations where you can request a waiver of the penalty.  

     

    Go to 'Underpayment Penalty' under 'Other Tax Situations' where you can review the exceptions, and you'll be asked if you want to 'Annualize your income' to avoid future penalties.

     

    Here's more info on Form 2210.

     

    @RMPP