Maryland annualized income

Forum|Forum|1 year ago
January 30, 2025
1 reply
0 views

Our income was very uneven in 2024, and annualizing income on the Maryland return to avoid underpayment penalty has been available in Turbotax in the past, but I don't see it this year. Why not?

LenaH

Please follow the instructions below to use the annualization method on your Maryland return:

Open your state return.
Continue until you reach the page, A few things before we wrap up your state taxes.
Click Start or Revisit next to Interest on Underpayment of Taxes.
Enter the date you will file your return.
On the screen Underpayment Exception, answer no.
On the screen Underpayment Interest, answer yes.
On the screen Your Interest, select Use annualization method.
Enter the information on the following screens.

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

SamhomeAuthor

I do not have the topic "Interest on Underpayment of Taxes" on my "A few things before we wrap up your state taxes." page. If I did I certainly would have gone there. I closed and restarted to be sure I had software updates. I am using desktop Turbotax Deluxe for Windows.