How to use annualized income and actual tax withholding for M-2210? I was able to do that for Federal tax, but saw an underpayment penalty for MA even I have a refund.

Forum|Forum|2 years ago
March 23, 2024
1 reply
0 views

The form M-2210 was automatically created but only equalize my income and tax withhold per quarter. I'd like to enter actual income and tax withholdings. Thanks.

TurboTax Online

Best answer by AmyC

If you delete the estimated payment, then you should see the annualized income section. Once you get it properly filled out, go back and add the estimated payment you made. We are heading into unchartered territory but it makes sense that this should work.

AmyC

Employee

Follow these steps:

Open your MA return
Go until your reached "you've finished your MA return"
Select Your Bottom Line to edit/update/revisit
Continue
Select yes or no
Select No to paying late
Underpayment Penalty, select Exceptions
Select None apply, continue
Enter 2022 liability or continue
Underpayment penalty, select yes
Enter the amounts from the beginning of the year to the date listed for each box. It is cumulative, not by quarter. This is why the final box is filled in for you.
Continue

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

jim1720Author

@AmyC Thank you very much for your reply. Your instruction is what I expected however I don't see the "Underpayment Penalty" section probably because I have a refund (since I made an estimated payment in December).

After I selected No to "Paying or Filing later", I got "Applying Refund to 2024 estimated tax" page, then I just got a summary of the bottom line, which listed both "underpayment penalty" and "overpayment" under the "other items".

What can I do to enter the "underpayment penalty" section? Thanks.