turbo tax not permitting annualized income! Why?

Forum|Forum|2 years ago
February 26, 2024
2 replies
0 views

Why does Turbo Tax not permit annualized income for a roth conversion on Maryland state taxes? It forces the AGI to split up into four quarters vs. the annualize income allowing for recognition of when income was made. If you converted funds in December 2023, the tax implication should not be for the entire year thereby causing an underpenalty. Turbo Tax needs to have the ability to annualize the income because the state of Maryland permits it.

CatinaT1

When going through your state return you will find a screen like this:

When you get to this screen, say YES.

You will then be able to select the Annualized Method.

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

catherinerustAuthor

Thank you very much for responding; however, this screen did not appear for me. The only way I knew that I was being charged interest is when I went to print my Maryland return. The state overpayment prompts are all for estimating income for 2024. Is there a way to contact TurboTax to find out why I did not get the same prompt as you showed me?

BillM223

@catherinerust

Are you using the Online TurboTax product or the desktop product?

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