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wgweisert
March 25, 2023
Question

Does Turbo Tax automatically ask or check for need to use annualized income method to prevent late payment penalty?

  • March 25, 2023
  • 1 reply
  • 0 views
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1 reply

M
MAK70
March 25, 2023

TurboTax always asks for the annualized income method for the late penalty because it does not know if/when the estimated payments were made, even if you used TurboTax the year before, it does not know if the estimated payments recommended were actually made.

fanfare
fanfare
Employee
March 26, 2023

estimated payment and dates are required for the simplified penalty calculation of Form 2210.

 

Mark Box C on Form 2210 if you want to use Schedule AI.

I doubt that is automatic.

 

If you have a penalty Schedule AI is an option.

you would be asked if you want to go that route.

 

@wgweisert 

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